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of <h1>Goods Transport Labour Board, Mumbai, receives tax exemption under Section 10(23C)(v) for 1999-2002, with strict compliance conditions.</h1> The Central Government has notified the 'Goods Transport Labour Board, Mumbai' under clause (23C)(v) of section 10 of the Income-tax Act, 1961, applicable for assessment years 1999-2000 to 2001-2002. The Board must apply its income solely to its established objectives, invest funds as specified by law, and maintain separate accounts for any incidental business activities. It is required to file regular income tax returns and, upon dissolution, transfer surplus assets to a similar charitable organization. This notification excludes any income from business profits unless it aligns with the Board's objectives.
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