Approved St. Joan's Educational Trust, Jangalahalli, B. Pallipatti Post, Pappireddipatti Taluk, Dharmapuri District u/s 10(23C)(vi) - S.O. 1826 - Income Tax

Approved St. Joan's Educational Trust, Jangalahalli, B. Pallipatti Post, Pappireddipatti Taluk, Dharmapuri District u/s 10(23C)(vi) OFFICE OF THE CHIEF COMMISSIONER OF INCOME-TAX Trichy, the 12th June, 2009 Approval Under Section 10(23C)(vi) of the Income-tax Act, 1961 S.O. 1826. - In exercise of the powers conferred by sub-clause (vi) of clause (23C) of Section 10 of the Income-tax Act, 1961 (43 of 1961) read with rule 2CA of the Income-tax Rules, 1962 , the St. Joan's Educational Trust, Jangalahalli, B. Pallipatti Post, Pappireddipatti Taluk, Dharmapuri District - 635301 is hereby approved for the purposes of the said sub-clause, from the assessment year 2009-2010 onwards, subject to the following conditions: 2. (i) The assessee shall confirm to and comply with the provisions of sub-clause (vi) of clause (23C) of Section 10 of the Income-tax Act, 1961 read with rule 2CA of the Income-tax Rules, 1962. (ii) The assessee shall apply its income or accumulate its income for application wholly and exclusively for the objects and in a case where more than fifteen per cent of its income is accumulated, the period of accumulation of the same shall in no case exceed five years, as required in clause (a) of the third proviso to section 10(23C) of the Act. (iii) The assessee shall not invest or deposit its finds (other than voluntary contributions received and maintained in the form of jewellery or furniture) for any period otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 of the Act, as required in clause (b) of the third proviso to section 10(23C) of the Act. (iv) The approval shall not apply in relation to any income from any activity in the nature of trade, commerce or business or rendering of any service in relation to trade, commerce or business irrespective of the nature of use or application or retention of income from such activity. (v) The assessee shall gets its accounts audited in accordance with the tenth proviso to section 10(23C) of the Act and regularly file its return along with the audit report in accordance with section 139(4C) of the Act. (vi) In the event of dissolution of the society, its surplus and assests shall be given to an organization which exists solely for educational purposes and not for the purposes of profit and no part of the same shall go directly or indirectly to any of the beneficiaries of the assessee or anybody specified in section 13(3) of the Act (vii) The approval shall not apply in relation to anonymous donations in terms of the 'fifteenth proviso to section 10(23C) r.w.s. 115BBC of the Act. 3. The above approval is liable to be withdrawn by the undersigned if it is subsequently found that the activities of the assessee are not genuine, or if they are not being carried out in accordance with all or any of the conditions subject to which the approval is granted in accordance with the thirteenth proviso to section 10(23C) of the Act. C.No.935(4)/CCIT/TRY/2008-09 K.K. TRIPATHI, Chief Commissioner of Income-tax