Approval to "Faith Ministry Society" under Sub-Clause (via) of Clause (23C) of Section 10 of the Income Tax Act, 1961 - S.O. 1531 - Income Tax

Approval to "Faith Ministry Society" under Sub-Clause (via) of Clause (23C) of Section 10 of the Income Tax Act, 1961 MINISTRY OF FINANCE (Department of Revenue) OFFICE OF THE CHIEF COMMISSIONER OF INCOME TAX ORDER Guwahati, the 19th September, 2008 Approval to under Sub-Clause (via) of Clause (23C) of Section 10 of the Income Tax Act, 1961 S.O. 1531. - In exercise of the powers conferred on me by virtue of Notification No. S.O. 850(E) dated 30th May, 2007 of the Central Board of Direct Taxes, New Delhi with regard to sub-clause (via) of Clause (23C) of Section 10 of the Income Tax Act, 1961 (43 of 1961) read with Rule 2C of the Income Tax Rules 1962 , I, Shri Vineet Sahai, Chief Commissioner of Income Tax, Guwahati hereby accord approval to "Faith Ministry Society" (PAN AAATF 1734A), hereinafter referred to as the 'Society', for the purpose of the said section for the assessment year 2009-10 subject to the conditions mentioned here under :- 1. the Society shall apply its income or accumulate for application, wholly and exclusively to the objects of the Society for which it is established and, in a case where more than fifteen percent of its income is accumulated on or after the 1st day of April, 2002, the period of the accumulation of the amount exceeding fifteen percent of its income shall in no case exceed five years; 2. the Society shall 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 year mentioned above otherwise than in any one or more of the forms or modes specified in sub-section (5) of Section 11 of the Income Tax Act, 1961; 3. this approval shall 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 Society and separate books of account are maintained in respect of such business; 4. any anonymous donation referred to in Section 115BBC of the Income Tax Act, 1961 on which tax is payable in accordance with the provisions of the said section shall be included in the total income of the Society; 5. the Society shall regularly file its return of income before the Income-tax authority in accordance with the provisions of the Income Tax Act, 1961 ; 6. in the event of dissolution of the Society, its surplus and assets shall be given to an organisation with similar objectives and no part of the same will go directly or indirectly to any of the beneficiaries of the Society or anybody specified in Section 13(3) of the Income Tax Act, 1961 ; 7. the approval granted to the Society shall be withdrawn if it is subsequently found that (a) the Socity 'has not (i) applied its income in accordance with the provisions contained in clause (a) of the third proviso of Section 10(23C) of the Income Tax Act, 1961 (ii) invested or deposited its funds in accordance with the provisions contained in clause (b) of the third provisions of Section 10(23C) of the Income Tax Act, 1961 or (b) the activities of the Society (i) are not genuine or (ii) are not being carried out in accordance with all or any of the conditions subject to which it has been approved or (c) the Society has obtained the approval by fraud or misrepresentation of facts. 8. The above approval is given for the purpose of Section 10(23C)(via) of the Income Tax Act, 1961 only and not for any other purpose. [Memo No.A-9/Part-17/CCIT/GHY/Tech/2007-08] Vineet sahai, Chief Commissioner of Income-tax