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of <h1>Government Notifies Petrotech Under Section 10(23C)(iv) for Tax Exemption; Conditions on Income Use and Asset Transfer</h1> The Central Government has notified 'Petrotech, Petrotech Secretariat, New Delhi' under clause (23C)(iv) of section 10 of the Income-tax Act, 1961, applicable for assessment years 2000-2001 to 2002-2003. The notification stipulates that Petrotech must use its income solely for its established objectives, invest funds only in specified modes, and maintain separate accounts for any incidental business activities. Petrotech is also required to file regular income tax returns and, upon dissolution, transfer any surplus assets to a charitable organization with similar objectives.
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