TMI BlogIncomes not included in total income [Clause (17A) to Clause (23C)]X X X X Extracts X X X X X X X X Extracts X X X X ..... ( ii ) family pension received by any member of the family of an individual referred to in sub-clause ( i ). Explanation .- For the purposes of this clause, the expression family shall have the meaning assigned to it in the Explanation to clause ( 5 ); ] ( 18A ) 3 [****] 4 [ ( 19 ) family pension received by the widow or children or nominated heirs, as the case may be, of a member of the armed forces (including Paramilitary forces) of the Union, where the death of such member has occurred in the course of operational duties, in such circumstances and subject to such conditions, as may be prescribed ;] 5 [ ( 19A ) the annual value of any one palace in the occupation of a Ruler, being a palace, the annual value whereof was exempt from income-tax before the commencement of the Constitution (Twenty-sixth Amendment) Act, 1971, by virtue of the provisions of the Merged States (Taxation Concessions) Order, 1949, or the Part B States (Taxation Concessions) Order, 1950, or, as the case may be, the Jammu and Kashmir (Taxation Concessions) Order, 1958: Provided that for the assessment year commencing on the 1st day of April, 1972, the annual value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds the purposes of 84 [scientific research or research in social science or statistical research] shall be substituted; and 11 [ ( b ) does not invest or deposit its funds, other than- ( i ) any assets held by the 80 [research association] where such assets form part of the corpus of the fund of the association as on the 1st day of June, 1973; ( ii ) any assets (being debentures issued by, or on behalf of, any company or corporation), acquired by the 80 [research association] before the 1st day of March, 1983; ( iii ) any accretion to the shares, forming part of the corpus of the fund mentioned in sub-clause ( i ), by way of bonus shares allotted to the 80 [research association]; ( iv ) voluntary contributions received and maintained in the form of jewellery, furniture or any other article as the Board may, by notification in the Official Gazette, specify, for any period during the previous year otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 :] 12 [Provided further that the exemption under this clause shall not be denied in relation to voluntary contribution, other than voluntary contributio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... effect for such assessment year or years, not exceeding three assessment years (including an assessment year or years commencing before the date on which such notification is issued) as may be specified in the notification :] 17 [Provided also that where the news agency has been specified, by notification, by the Central Government and subsequently that Government is satisfied that such news agency has not applied or accumulated or distributed its income in accordance with the provisions contained in the first proviso, it may, at any time after giving a reasonable opportunity of showing cause, rescind the notification and forward a copy of the order rescinding the notification to such agency and to the Assessing Officer ;] 130 [Provided also that nothing contained in this clause shall apply to any income of the news agency of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2024; ] ( 23 ) 18 [****] 19 [ ( 23A ) any income (other than income chargeable under the head 20 [ * * * ] Income from house property or any income received for rendering any specific services or income by way of interest or dividend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s approved by the 89 [Principal Commissioner or Commissioner] in accordance with the rules made in this behalf: Provided that any such approval shall at any one time have effect for such assessment year or years not exceeding three assessment years as may be specified in the order of approval ;] 24 [ ( 23AAB ) any income of a fund, by whatever name called, set up by the Life Insurance Corporation of India on or after the 1st day of August, 1996 25 [ or any other insurer ] under a pension scheme,- ( i ) to which contribution is made by any person for the purpose of receiving pension from such fund; ( ii ) which is approved by the Controller of Insurance 26 [ or the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), as the case may be ] . Explanation .- For the purposes of this clause, the expression Controller of Insurance shall have the meaning assigned to it in clause ( 5B ) of section 2 of the Insurance Act, 1938 (4 of 1938); ] 27 [ ( 23B ) any income of an institution constituted as a public charitable trust or regist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o them in the Khadi and Village Industries Commission Act, 1956 (61 of 1956); ] 30 [ ( 23BBA ) any income of any body or authority (whether or not a body corporate or corporation sole) established, constituted or appointed by or under any Central, State or Provincial Act which provides for the administration of any one or more of the following, that is to say, public religious or charitable trusts or endowments (including maths, temples, gurdwaras, wakfs, churches, synagogues, agiaries or other places of public religious worship) or societies for religious or charitable purposes registered as such under the Societies Registration Act, 1860 (21 of 1860), or any other law for the time being in force: Provided that nothing in this clause shall be construed to exempt from tax the income of any trust, endowment or society referred to therein; ] 31 [ ( 23BBB ) any income of the European Economic Community derived in India by way of interest, dividends or capital gains from investments made out of its funds under such scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf. Explanation . -For the purposes of this cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government; or ( iiiac ) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, and which is wholly or substantially financed by the Government; or 87 [Explanation.-For the purposes of sub-clauses (iiiab) and (iiiac), any university or other educational institution, hospital or other institution referred therein, shall be considered as being substantially financed by the Government for any previous year, if the Government grant to such university or other educational institution, hospital or other institution exceeds such percentage of the total receipts including any voluntary contributions, as may be prescribed, of such university or other educational institution, hospital or other institution, as the case may be, during the relevant previous year.] ( iiiad ) any university or othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the 122 [ Principal Commissioner or Commissioner ] ; or ( via ) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, other than those mentioned in sub-clause ( iiiac ) or sub-clause ( iiiae ) and which may be approved by the 122 [ Principal Commissioner or Commissioner ] : ] 105 [Provided that the exemption to the fund or trust or institution or university or other educational institution or hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), under the respective sub-clauses, shall not be available to it unless such fund or trust or institution or university or other educational institution or hospital or other medical institution makes an application in the prescribed form and manner to the Principal Commissioner or Commissioner, for grant of approval,- (i) where such fund or trust or institution or university or o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er medical institution; and (B) the compliance of such requirements of any other law for the time being in force by it as are material for the purpose of achieving its objects; and (b) after satisfying himself about the objects and the genuineness of its activities under item (A), and compliance of the requirements under item (B), of sub-clause (a),- (A) pass an order in writing granting approval to it for a period of five years; 134 [ (B) if he is not so satisfied, pass an order in writing, (I) in a case referred to in clause (ii) or clause (iii) of the first proviso, rejecting such application and also cancelling its approval; (II) in a case referred to in sub-clause (B) of clause (iv) of the first proviso, rejecting such application, after affording it a reasonable opportunity of being heard; ] 135 [ (iii) where the application is made under sub-clause (A) of clause (iv) of the said proviso or the application made under clause (iv) of the said proviso, as it stood immediately before its amendment by the Finance Act, 2023, pass an order in writing granting approval to it provisionally for a period of three years from the assessment year from which th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or any period during the previous year otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11: ] 97 [ 116 [Explanation 1] .-For the removal of doubts, it is hereby clarified that for the purposes of this proviso, the income of the funds or trust or institution or any university or other educational institution or any hospital or other medical institution, shall not include income in the form of voluntary contributions made with a specific direction that they shall form part of the corpus of such fund or trust or institution or any university or other educational institution or any hospital or other medical institution: 117 [ subject to the condition that such voluntary contributions are invested or deposited in one or more of the forms or modes specified in sub-section (5) of section 11 maintained specifically for such corpus ]] 123 [Explanation 1A.- For the purposes of this proviso, where the property held under a trust or institution referred to in clause (v) includes any temple, mosque, gurdwara, church or other place notified under clause (b) of sub-section (2) of section 80G, any sum received by such trust or institutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of five years from the end of the previous year in which such application was made from the corpus: Provided also that nothing contained in the first proviso shall apply where the application from the corpus is made on or before the 31st day of March, 2021; ] (ii) application for charitable or religious purposes, from any loan or borrowing, shall not be treated as application of income for charitable or religious purposes: Provided that the amount not so treated as application or part thereof, shall be treated as application for charitable or religious purposes in the previous year in which the loan or borrowing, or part thereof, is repaid from the income of that year and to the extent of such repayment: ] 138 [Provided further that the provisions of the first proviso shall apply only if there was no violation of the conditions specified in the twelfth, thirteenth and twenty-first provisos, and those specified in Explanation 2 and Explanation 3, of this clause at the time the application was made from loan or borrowing: Provided also that the amount repaid shall not be treated as application for charitable or religious purposes under the first proviso un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in clause (a) is 140 [ furnished at least two months prior to ] the due date specified under sub-section (1) of section 139 for furnishing the return of income for the previous year: Provided that in computing the period of five years referred to in clause (a), the period during which the income could not be applied for the purpose for which it is so accumulated or set apart, due to an order or injunction of any court, shall be excluded. Explanation 4.- Any income referred to in Explanation 3, which,- (a) is applied for purposes other than wholly and exclusively to the objects for which the fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) is established or ceases to be accumulated or set apart for application thereto; or (b) ceases to remain invested or deposited in any of the forms or modes specified in sub-section (5) of section 11; or (c) is not utilised for the purpose for which it is so accumulated or set apart during the period referred to in clause (a) of Explanation 3; or (d) is credited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il, 1989, otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 if such funds do not continue to remain so invested or deposited after the 30th day of March, 59 [ 1993 ] : 60 [Provided also that the exemption under sub-clause ( vi ) or sub-clause ( via ) shall not be denied in relation to any funds invested or deposited before the 1st day of June, 1998, otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 if such funds do not continue to remain so invested or deposited after the 30th day of March, 2001 :] 61 [Provided also that the exemption under sub-clause ( iv ) or sub-clause ( v ) 62 [ or sub-clause ( vi ) or sub-clause ( via ) ] shall not be denied in relation to voluntary contribution, other than voluntary contribution in cash or voluntary contribution of the nature referred to in clause ( b ) of the third proviso to this sub-clause, subject to the condition that such voluntary contribution is not held by the trust or institution 63 [ or any university or other educational institution or any hospital or other medical institution ] , otherwise than in any one o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such place, as may be prescribed; and (b) get its accounts audited in respect of that year by an accountant as defined in the Explanation below sub-section (2) of section 288 before the specified date referred to in section 44AB and furnish by that date, the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed: ]] 69 [Provided also that any amount of donation received by the fund or institution in terms of clause ( d ) of sub-section (2) of section 80G 70 [ in respect of which accounts of income and expenditure have not been rendered to the authority prescribed under clause ( v ) of sub-section (5C) of that section, in the manner specified in that clause, or ] which has been utilised for purposes other than providing relief to the victims of earthquake in Gujarat or which remains unutilised in terms of sub-section (5C) of section 80G and not transferred to the Prime Minister's National Relief Fund on or before the 31st day of March, 71 [ 2004 ] shall be deemed to be the income of the previous year and shall accordingly be charged to tax: ] 92 [ Provided also th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via) is approved or provisionally approved under the said clause and subsequently- (a) the Principal Commissioner or Commissioner has noticed occurrence of one or more specified violations during any previous year; or (b) the Principal Commissioner or Commissioner has received a reference from the Assessing Officer under the second proviso to sub-section (3) of section 143 for any previous year; or (c) such case has been selected in accordance with the risk management strategy, formulated by the Board from time to time, for any previous year, the Principal Commissioner or Commissioner shall- (i) call for such documents or information from the fund or institution or trust or any university or other educational institution or any hospital or other medical institution, or make such inquiry as he thinks necessary in order to satisfy himself about the occurrence of any specified violation; (ii) pass an order in writing cancelling the approval of such fund or institution or trust or any university or other educational i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lied with the requirement of any other law for the time being in force, and the order, direction or decree, by whatever name called, holding that such non-compliance has occurred, has either not been disputed or has 141 [ attained finality; or ] 142 [ (e) the application referred to in the first proviso of this clause is not complete or it contains false or incorrect information. ] Explanation 3.- For the purposes of clause (b) of this proviso, where the Assessing Officer has intimated the Central Government or the prescribed authority under the first proviso of sub-section (3) of section 143 about the contravention of the provisions of sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of this clause by any fund or institution or trust or university or other educational institution or any hospital or other medical institution in respect of an assessment year, and the approval granted to such fund or institution or trust or university or other educational institution or any hospital or other medical institution has not been withdrawn, or the notification issued in its case has not been rescinded, on or before the 31st day of March, 2022, such inti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter the 1st day of April, 2022 any fund or institution referred to in sub-clause (iv) or any trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via) is notified under clause (46) 143 [ or (46A) ] of section 10, the approval or provisional approval granted to such fund or institution or trust or university or other educational institution or hospital or other medical institution shall become inoperative from the date of notification of such fund or institution or trust or university or other educational institution or hospital or other medical institution, as the case may be, 144 [ under clause (46) or clause (46A) ] of the said section: ] 128 [Provided also that the fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) shall furnish the return of income for the previous year in accordance with the provisions of sub-section (4C) of section 139, 145 [ within the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 40A shall, mutatis mutandis, apply as they apply in computing the income chargeable under the head Profits and gains of business or profession : Provided also that for the purposes of computing income chargeable to tax under the twenty-second proviso, no deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed to the assessee under any other provision of this Act: ] 120 [Explanation 1] .-In this clause, where any income is required to be applied or accumulated, then, for such purpose the income shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under this clause in the same or any other previous year;] 121 [Explanation 2. For the purposes of this clause, it is clarified that the calculation of income required to be applied or accumulated during the previous year shall be made without any set off or deduction or allowance of any excess application of any of the year preceding to the previous year; 129 [Explanation 3.- For the purposes of this clause, any sum payable by any fund or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -4-1962, read as under : (20A) any income of an authority constituted in India by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both; 10. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1990. Earlier clause (21), was amended by the Finance Act, 1983, w.e.f. 1-4-1984, Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989 and Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 11. Substituted by the Finance Act, 1992, w.r.e.f. 1-4-1990. 12. Substituted for the words Provided further by the Finance (No. 2) Act, 1991, w.r.e.f. 1-4-1990. 13. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 14. Omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. Prior to its omission, clause (22) read as under : (22) any income of a university or other educational institution, existing solely for educational purposes and not for purposes of profit; Clauses (22) and (22A) are now re-enacted in section 10(23C). 15. Omitted by the Finance (No. 2) Act, 1998, w.e.f. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and the provisions of sub-section (2) and sub-section (3) of section 11 shall apply in relation to such accumulation subject to the following modifications, namely :- (i) in sub-section (2),- (1) the words, brackets, letters and figure referred to in clause (a) or clause (b) of sub-section (1) read with the Explanation to that sub-section shall be omitted; (2) for the words to charitable or religious purposes , the words for the purposes of games or sports shall be substituted; (3) the reference to Assessing Officer in clause (a) thereof shall be construed as a reference to the prescribed authority referred to in the first proviso to this clause; (ii) in sub-section (3), in clause (a), for the words charitable or religious purposes , the words the purposes of games or sports shall be substituted; and (b) does not invest or deposit its funds, other than- (i) any assets held by the association or institution where such assets form part of the corpus of the fund of the association or institution as on the 1st day of June, 1973; (ii) any assets (being debentures issued by, or on behalf of, any company or corporation), acquired by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t any one time, have effect for such assessment year or years, not exceeding three assessment years (including an assessment year or years commencing before the date on which such notification is issued), as may be specified in the notification*;' 19. Inserted by the Finance (No. 2) Act, 1965, w.e.f. 1-4-1962. 20. ' Interest on securities or' omitted by the Finance Act, 1988, w.e.f. 1-4-1989. 21. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 22. Inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1962. 23. Inserted by the Finance Act, 1995, w.e.f. 1-4-1996. 24 . Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997. 25. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 26. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 27. Inserted by the Finance Act, 1974, w.e.f. 1-6-1974. 28. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 29. Inserted by the Finance Act, 1979, w.e.f. 1-4-1962. 30. Inserted by the Finance Act, 1979, w.e.f. 1-4-1962. 31. Inserted by the Finance Act, 1993, w.e.f. 1-4-1994. 32 . Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1992. 33. Inserted by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity or other educational institution or any hospital or other medical institution, under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), may call for such documents (including audited annual accounts) or information from the fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, as it thinks necessary in order to satisfy itself about the genuineness of the activities of the fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, and the Central Government or the prescribed authority, as the case may be, may also make such inquiries as it deems necessary in this behalf : 49. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 50. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 51. Substituted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its substitution, clause (a), as amended by the Finance Act, 2001, w.e.f. 1-4-2002, read as under : (a) applies its income, or accumulates it for application, wholly and exclusively to the objects f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... University or other educational institution referred to in sub-clause (vi) or of any hospital or other institution referred to in sub-clause (via) exceed one crore rupees in any preceding year, the fund or trust or institution or University or other educational institution or hospital or other institution, as the case may be, shall- (i) publish its accounts in a local newspaper; and (ii) furnish along with the application prescribed in the first proviso to this clause, the copy of the local newspaper in which such accounts have been published; 73. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 74. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007. 75. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006. 76. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007. 77. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007. 78. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008. 79. Substituted vide Finance (No. 2) Act, 2009 w.e.f. 1st day of April, 2009, before it was read as, made at any time during the financial year immediately preceding the assessment year 80. For the words scientific research association , wherever they occur, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... niversity or other educational institution or any hospital or other medical institution ] referred to in sub-clause ( iv ) or sub-clause ( v ) 46 [ or sub-clause ( vi ) or sub-clause ( via ) ] shall make an application in the prescribed form and manner to the prescribed authority for the purpose of grant of the exemption, or continuance thereof, under sub-clause ( iv ) or sub-clause ( v ) 47 [ or sub-clause ( vi ) or sub-clause ( via ) ] : 48 [Provided further that the prescribed authority, before approving any fund or trust or institution or any university or other educational institution or any hospital or other medical institution, under sub-clause ( iv ) or sub-clause ( v ) or sub-clause ( vi ) or sub-clause ( via ), may call for such documents (including audited annual accounts) or information from the fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, as it thinks necessary in order to satisfy itself about the genuineness of the activities of such fund or trust or institution or any university or other educational institution or any hospital or other medical ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in the first proviso makes an application on or after the 1st day of June, 2006 for the purposes of grant of exemption or continuance thereof, such application shall be 79 [ made on or before the 30th day of September of the relevant assessment year ] from which the exemption is sought : ] 102. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-06-2020 before it was read as 77 [Provided also that all pending applications, on which no notification has been issued under sub-clause ( iv ) or sub-clause ( v ) before the 1st day of June, 2007, shall stand transferred on that day to the prescribed authority and the prescribed authority may proceed with such applications under those sub-clauses from the stage at which they were on that day ; ] 103. Inserted vide THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020 dated 31-03-2020 w.e.f. 01-04-2020 104. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... activities of such fund or trust or institution or university or other educational institution or hospital or other medical institution; and (B) the compliance of such requirements of any other law for the time being in force by it as are material for the purpose of achieving its objects; and (b) after satisfying himself about the objects and the genuineness of its activities under item (A), and compliance of the requirements under item (B), of sub-clause (a), (A) pass an order in writing granting approval to it for a period of five years; (B) if he is not so satisfied, pass an order in writing rejecting such application and also cancelling its approval after affording it a reasonable opportunity of being heard; (iii) where the application is made under clause (iv) of the said proviso, pass an order in writing granting approval to it provisionally for a period of three years from the assessment year from which the registration is sought, and send a copy of such order to the fund or trust or institution or university or other educational institution or hospital or other medical institution: ] 105. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment years for which it was provisionally approved; (iii) in any other case, from the assessment year immediately following the financial year in which such application is made: Provided also that the order under clause (i), sub-clause (b) of clause (ii) and clause (iii) of the second proviso shall be passed, in such form and manner as may be prescribed, before expiry of the period of three months, six months and one month, respectively, calculated from the end of the month in which the application was received: ] 107. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 before it was read as 106 [ Provided also that any notification issued by the Central Government under sub-clause (iv) or sub-clause (v), before the date on which the Taxation Laws (Amendment) Bill, 2006 receives the assent of the President, shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years (including an assessment year or years commencing before the date on which such notification is issued) as may be specified in the notification: Provided al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n that day: ] 113. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 before it was read as receipts of such university or educational institution do not exceed the amount of annual receipts as may be prescribed 114. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 before it was read as receipts of such hospital or institution do not exceed the amount of annual receipts as may be prescribed; or 115. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 116. Numbered vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 before it was read as Explanation 117. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 118. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 119. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 120. Numbered vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 before it was read as Explanation 121. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 122. Substituted vide Finance Act, 2022 w.e.f. 01-04-2022 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ine; or (B) are not being carried out in accordance with all or any of the conditions subject to which it was notified or approved; or (iii) such fund or institution or trust or any university or other educational institution or any hospital or other medical institution has not complied with the requirement of any other law for the time being in force, and the order, direction or decree, by whatever name called, holding that such non-compliance has occurred, has either not been disputed or has attained finality, ] it may, at any time after giving a reasonable opportunity of showing cause against the proposed action to the concerned fund or institution or trust or any university or other educational institution or any hospital or other medical institution, rescind the notification or, by order, withdraw the approval, as the case may be, and forward a copy of the order rescinding the notification or withdrawing the approval to such fund or institution or trust or any university or other educational institution or any hospital or other medical institution and to the Assessing Officer; ] 127. Substituted vide Finance Act, 2022 w.e.f. 01-04-2022 before it was read as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year from which the said approval is sought, and the said fund or trust or institution or university or other educational institution or hospital or other medical institution is approved under the second proviso: 133. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-10-2023 134. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-10-2023 before it was read as, (B) if he is not so satisfied, pass an order in writing rejecting such application and also cancelling its approval after affording it a reasonable opportunity of being heard; 135. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-10-2023 before it was read as, (iii) where the application is made under clause (iv) of the said proviso, pass an order in writing granting approval to it provisionally for a period of three years from the assessment year from which the registration is sought, and send a copy of such order to the fund or trust or institution or university or other educational institution or hospital or other medical institution: 136. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was rea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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