Section 10(23C)(v) of the Income-tax Act, 1961 - Exemptions - Charitable/religious trusts - Notified public religious and charitable trust or institution - Sri Sachiyay Mataji Trust, Osian, notified under section 10(23C)(v)

Notification No. S.O. 3070, dated 21-10-2009

In exercise of the powers conferred by sub-clause (v) of clause (23C) of section 10 of the Income-tax Rules, 1961 (43 of 1961) read with rule 2CA of the Income-tax Rules, 1962, I, the Chief Commissioner of Income-tax, Jodhpur hereby approve Sri Sachiyay Mataji Trust, Osian, for the purposes of the said section for the financial years 2007-08 to 2010-11 (ending on 31-3-2011) subject to the following conditions: -

1. the assessee will apply its income, or accumulate for application wholly and exclusively to the objects for which it is established;

2. the assessee will not invest or deposit its funds (other than voluntary contribution 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 1;

3. this order will not apply in relation to any income being profits and gain 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;

4. 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;

5. that in the event of dissolution, its surplus and the assets will be given to a charitable organization with similar objectives and no part of the same will go to any of the members of the Institution.

6. The approval will not apply in relation to anonymous donations in terms of the fifteenth proviso to section 10(23C) read with section 115BBC of the Act.