Processing of applications for notification u/s 10(23C) (iv)/(v) of Income-tax Act, 1961-guide lines regarding.

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..... truction No. 1868, dated 3rd December, 1990 in F. No. 197/79/90-ITA-I setting out guidelines for sending reports to CBDT for notification of a case under Section 10(23C)(iv)/(v). 2. It has been observed in the reports of various cases received in CBDT that if an institution has not applied 70% of its income on its objects during the same year, the case is not recommended for notification u/s 10( .....

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..... being debentures issued by, or on behalf of, any company or corporation), acquired by the fund, trust or institution before the 1st day of March, 1983; (iii) any accretion to the shares, forming part of the corpus mentioned in sub-clause (i), by way of bonus shares allotted to the fund, trust or institution; (iv) voluntary contributions received and maintained in the form of jewellery, furnitu .....

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