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22 August 2000

2014 : Notification 2014 Date of Issue 22/8/2000 22 August 2000

                        

Notification: 2014
Section(s) Referred: s. 10(23C)(v) ,s. 11(5)
Statute: INCOME TAX
Date of Issue: 22/8/2000
In exercise of the powers conferred by sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, hereby notifies the Asthika Samaj, Matunga, Mumbai, for the purpose of the said sub-clause for the assessment years 1993-1994 to 1995-96 subject to the following condition, namely :
(i) the assessee will apply its income, or accumulate for application, wholly and exclusively to the objects for which it is established ;
(ii) the assessee will not invest or deposit its funds (other than voluntary contributions received and maintained in the form of jewellery, furniture etc.) for any period during the previous years relevant to the assessment years mentioned above otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 ;
(iii) this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of account are maintained in respect of such business.
(iv) the assessee will regularly file its return of income before the Income-tax authority in accordance with the provisions of the Income-tax Act, 1961;
(v) that in the event of dissolution, the surplus and the assets will be given to a charitable Organisation with similar objectives.
[Notification No. 11462/F. No. 197/122/94-ITA-I]                                

  
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