TMI BlogGuidelines for approval under clause (23F) of section 10X X X X Extracts X X X X X X X X Extracts X X X X ..... company who makes application for approval under sub-rule (2). (2) An application for approval shall be made in Form No. 56A by a venture capital fund or a venture capital company to the Director of Income-tax (Exemptions) referred to in sub-rule (1). (3) Every application under sub-rule (2) may be made in any previous year in which any income by way of dividend or long-term capital gains of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor of Income-tax (Exemptions) shall approve the venture capital fund or the venture capital company, as the case may be, subject to the following conditions, namely : (a) the venture capital fund or the venture capital company, as the case may be, is registered with the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e date of filing of the return under sub-section (1) of section 139. (6) The Director of Income-tax (Exemptions) shall pass an order in writing granting approval or refusing approval to the venture capital fund or venture capital company, as the case may be : Provided that the Director of Income-tax (Exemptions) shall not refuse the approval except in concurrence with the Director-General ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n one venture capital undertaking; (iv) fails to maintain books of account and get such accounts audited by an accountant or fails to file the audit report required in clause (f) of sub-rule (5); (v) violates the provisions of the Act or rules made thereunder; (b) if the certificate of registration granted under section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 199 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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