The Karnataka State Bridge Association notified under section 10
Notification No. 205 was published on 19 June 2007. Its subject is The Karnataka State Bridge Association notified under section 10.
This notifies a named person, body, fund or instrument for the purpose of a provision. Nothing in it changes the provision itself.
NOTIFICATION NO. 205/2007, DATED 19-6-2007
In exercise of powers conferred by the clause (23) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the ‘The Karnataka State Bridge Association, Bangalore’ for the purpose of the said clause for the assessment years 1997-1998 to 1999-2000 subject to the following conditions, namely: -
(i) T he assessee will apply its income, or accumulate for application, wholly and exclusively to the objects for which it is established;
(ii) T he assessee will not invest or deposit its fund (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) T his 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) T he 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) T hat in the event of dissolution, its surplus and the assets will be given to a charitable organisation with similar objectives.
[F. No. 196/12/2004-ITA-I]
Source: the Income Tax Department’s own published text — its page for this instrument.