Notification No
:
194
Date of Issue
:
31/7/2002
Section(s) Referred
:
s. 10(23)
Notification No. 194 of 2002, dt. 31st July, 2002.
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 'U.P. Cricket
Association, Kanpur' for the purpose of the said clause for the assessment years
1999-2000 to 2001-2002 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 provision 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 attainments of the objectives of
the assessee and separate books of accounts are maintained in respect of such
business.
[F.No. 196/13/2002-ITA-I]