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of <h1>Afro-Asian Petroleum Society notified under Income-tax Act to comply with income use, investment, and dissolution rules.</h1> The Central Government has notified the Society for Afro-Asian Association of Petroleum Geochemicals, New Delhi, under clause (23C)(iv) of section 10 of the Income-tax Act, 1961, for assessment years 2002-03 to 2004-05. The notification stipulates that the society must apply its income solely to its established objectives, restrict investments to specified modes, maintain separate accounts for incidental business activities, file regular income tax returns, and, upon dissolution, transfer surplus assets to a similar charitable organization.
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