Tax exemption notification: Petroleum Sports Control Board recognised under income-tax clause, subject to application, investment, distribution and business conditions. The Central Government notified the Petroleum Sports Control Board for tax exemption purposes under clause (23) of section 10 for assessment year 2002-2003, subject to conditions: the Board must apply or accumulate income solely for its objects in accordance with the modified rules; refrain from investing or depositing funds except in permitted forms (with limited tangible-form exception for certain voluntary contributions); not distribute income to members except as grants to affiliated institutions; and exclude business profits unless the business is incidental and maintained in separate accounts.