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of <h1>Dolphin Club Gains Tax Exemption for 2000-03 Under Section 10(23); Must Follow Strict Income Guidelines</h1> The Central Government has notified the 'Dolphin Club, Kilpauk, Chennai' under clause (23) of section 10 of the Income-tax Act, 1961, for assessment years 2000-01 to 2002-03. The notification mandates that the club apply or accumulate its income solely for its established objectives, invest funds only in specified modes, and refrain from distributing income to members, except as grants to affiliated associations. Additionally, any business income must be incidental to the club's objectives and require separate accounting. This notification excludes profits and gains of business unless they meet these conditions.
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