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Introducing the βIn Favour Ofβ filter in Case Laws.
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<h1>Central Government exempts specific funds from income tax under Section 10(23C) of Income-tax Act, 1961.</h1> The Central Government, exercising its authority under clause (iv) of sub-section (23C) of section 10 of the Income-tax Act, 1961, has issued a notification (S.O.1411 dated 29-1-1980) regarding the exemption of certain funds from income tax. The funds notified include the Rajasthan Chief Minister's Hospital Fund and General Relief Fund, effective from the assessment year 1978-79, the Drought and Flood Relief Fund from 1969-70, and the Defence Service Welfare Fund from 1963-64. These funds are recognized for the specified assessment years under the mentioned section of the Income-tax Act.