The Central Government notifies the "Kodaikanal Boat Club, Kodaikanal" under clause (23C) of section 10 of the Income-tax Act, 1961 - 024/2002 - Income Tax

The Central Government notifies the "Kodaikanal Boat Club, Kodaikanal" under clause (23C) of section 10 of the Income-tax Act, 1961 NOTIFICATION No.24 Dated 6th February,2002 In exercise of the powers conferred by clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the "Kodaikanal Boat Club, Kodaikanal" for the purpose of the said clause for the assessment years 1993-94 to 1994-95 subject to the following conditions, namely:- (i)the assessee will apply its income, or accumulate for application, in- consonance with the provisions of sub-section (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)assessee will not invest or deposit its funds (other than voluntary contributions received and maintained in the form of jewellery, furniture or any other articles as may be notified by the Board under the third provision to the aforesaid clause (23) for any period during the revious years relevant to the assessment years mentioned above other wise than in any one ormore of the forms or modes specified in sub-section (5) of Section 11; (iii)assesse 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)notification will not apply in relation to any income being profits and gains of business,unless the business is incidental to the attainments of the objectives of the assessee and separate books of accounts are maintained in respect of such business. Sd/- (I.P.S. Bindra) Under Secretary to the Govt. of India F.N0.196/10/2000-ITA-I