Notification: 350 Date of Issue : 26/11/2002

Notification No : 350

Date of Issue : 26/11/2002

Section(s) Referred : s. 10(23C)

Notification No. 350 of 2002, dt. 26th Nov., 2002

In exercise of the powers conferred by the sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the "Institute for Development and Communication, Chandigarh" for the purpose of the said sub-clause for the assessment years 1993-94 to 1995-96 subject to the following conditions, namely:

(i) (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 ally 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 accounts 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; and

(v) that in the event of dissolution, its surplus and the assets will be given to a charitable organization with similar objectives.

[F.No.197/100/97-ITA-I]