Section 10(23C)(iv) of the Income-tax Act, 1961 notifies the "Centre for Research in Rural & Industrial Development, Chandigarh" for the A.Y. 1998-1999 to 2000-2001 - 256/2005 - Income Tax

Section 10(23C)(iv) of the Income-tax Act, 1961 notifies the "Centre for Research in Rural Industrial Development, Chandigarh" for the A.Y. 1998-1999 to 2000-2001 Notification No. 256/2005, dated 5-12-2005 In exercise of powers conferred by the sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Centre for Research in Rural Industrial Development, Chandigarh for the purpose of the said sub-clause for the assessment years 1998-1999 to 2000-2001 subject to the following conditions, namely: (i) the assessee will apply its income or accumulate for application wholly and exclusively to the objects for which it is established; (ii) the assessee will not invest or deposit its fund (other than voluntary contributions received and maintained in the form of jewellery furniture etc.) for any period during the previous years relevant to the assessment years mentioned above otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11; (iii) this notification will not apply in relation to any income being profits and gains of business; (iv) the assessee will regularly file its return of income before the Income-tax authority in accordance with the provisions of the Income-tax Act, 1961; (v) that in the event of dissolution of the Institution, its surplus and the assets will be given to an organisation with similar objectives. [F. No. 197/106/2005-ITA-I]