Notifies the Triangle Tennis Trust, Madras u/s 10(23) - S.O.248 - Income Tax

Notifies the Triangle Tennis Trust, Madras u/s 10(23) NOTIFICATION NO. S.O.248 DATED 31-12-1993 In exercise of the powers conferred by clause (23) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Triangle Tennis Trust, Madras, for the purpose of the said sub-clause for the assessment year 1990-91, subject to the following conditions, namely :--- ( i ) the assessee will apply its income or accumulate for application, in consonance with the provisions of sub-sections (2) and (3) of section 11 as modified by the said clause (23) for such accumulation wholly and exclusively to the objects for which it is established ; ( ii ) the assessee will not invest or deposit its funds other than voluntary contributions received and maintained in the form of jewellery, furniture or any other article as may be notified by the Board under the third provision to the aforesaid clause (23) for any period during the previous year( s ) relevant to the assessment year( s ) mentioned above otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 ; ( iii ) the assessee will not distribute any part of its income in any manner to its members except as grants to any association or institution affiliated to it ; and ( iv ) this notification will 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 assessee and separate books of account are maintained in respect of such business. [Notification No. 9443/F. No. 196/7/90-ITA-I]