TMI BlogInsertion of new Chapter XII-EB.X X X X Extracts X X X X X X X X Extracts X X X X ..... which is a trust or institution having objects similar to it and registered under section 12AA; or (c) failed to transfer upon dissolution all its assets to any other trust or institution registered under section 12AA or to any 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) of clause (23C) of section 10, within a period of twelve months from the end of the month in which the dissolution takes place, then, in addition to the income-tax chargeable in respect of the total income of such trust or institution, the accreted income of the trust or the institution as on the spec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m which the registration under section 12AA is effective, then, for the purposes of clause (ii) of the first proviso, the registration shall be deemed to have become effective from the first day of the earliest previous year: Provided also that while computing the accreted income in respect of a case referred to in clause (c) of sub-section (1), assets and liabilities, if any, related to such asset, which have been transferred to any other trust or institution registered under section 12AA or to any 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) of clause (23C) of section 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trust or institution, in a case referred to in clause (i) of sub-section (3); (ii) the end of the previous year in a case referred to in sub-clause (a) of clause (ii) of sub-section (3); (iii) the date on which,- (a) the period for filing appeal under section 253 against the order rejecting the application expires and no appeal has been filed by the trust or the institution; or (b) the order in any appeal, confirming the cancellation of the application, is received by the trust or institution, in a case referred to in sub-clause (b) of clause (ii) of sub-section (3). (iv) the date of merger in a case referred to in clause (b) of sub-section (1); (v) the date on which the period of twelve months referred to in clause ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the institution and the trust or the institution fails to pay the whole or any part of the tax on the accreted income referred to in sub-section (1) of section 115TD, within the time allowed under sub-section (5) of that section, he or it shall be liable to pay simple interest at the rate of one per cent. for every month or part thereof on the amount of such tax for the period beginning on the date immediately after the last date on which such tax was payable and ending with the date on which the tax is actually paid. When trust or institution is deemed to be assessee in default. 115TF. (1) If any principal officer or the trustee of the trust or the institution and the trust or the institution does not pay tax on accreted income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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