Exemption of specified income of certain bodies or authorities [Section 10(42)] :

(i) This clause exempts income, of the nature and to the extent, arising to a body or authority, notified by the Central Government.

(ii) Such body or authority should have been established or constituted or appointed –

(a) under a treaty or an agreement entered into by the Central Government with two or more countries or a convention signed by the Central Government;

(b) not for the purposes of profit.