Notification:
S.O.2471
Section(s) Referred:
10 ,10(23)
Statute:
INCOME TAX
Date of Issue:
17/9/1997
In exercise of the powers conferred by clause (23) of section 10 of the
Income-tax Act,
1961 (43 of 1961), the Central Government hereby notifies the Haryana Cricket
Association, Bhiwani (H. P.), for the purpose of the said clause for the assessment years
1995-96 to 1997-98 subject to the following conditions, namely :----
(i) the assessee will apply its income, or accumulate it for application,
in consonance with
the provisions of sub-sections (2) and (3) of section 11 as modified by the said clause
(23) for such accumulation 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 or any other article as may be
notified by the Board under the third proviso to the aforesaid clause (23) 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) the assessee will not distribute any part of its income in any manner
to its members
except as grants to any association or institution affiliated to it ; and
(iv) 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.
[Notification No. 10413/F. No. 196/15/97-ITA-I]