9911796707
TMI BlogAmendment of section 80G.X X X X Extracts X X X X X X X X Extracts X X X X ..... part thereof of the said institution or fund has been excluded from the total income on account of applicability of sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 or section 11 or section 12 for any previous year ending on or before the date of such application, at any time after the commencement of such activities: ; (ii) in the second proviso, (a) in clause (ii), (1) in the opening portion, after the word, brackets and figures clause (iii) , the words, brackets, figures and letter or sub-clause (B) of clause (iv) shall be inserted; (2) in sub-clause (b), for item (B), the following shall be substituted, namely: (B) if he is not so satisfied, pass an order in writing, (I) in a case r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irst proviso to sub-section (5) of the said section, inter alia, provides for the time within which institution or fund referred to in clause (vi) of the said sub-section is required to make an application to the Principal Commissioner or Commissioner for approval. It is proposed to substitute clause (iv) of the first proviso to sub-section (5) to provide that the institution or fund, referred to in clause (vi) of the said sub-section, which is not covered by clause (i), (ii) or (iii) of the said proviso, may make an application for approval, where activities of the institution or fund have (A) not commenced, at least one month prior to the commencement of the previous year relevant to the assessment year from which the said approval is sou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) or clause (iii) of the first proviso, rejecting such application and also cancelling its approval; or (II) in a case referred to in the proposed sub-clause (B) of clause (iv) of the first proviso, rejecting such application. after affording it a reasonable opportunity of being heard. It is also proposed to amend clause (iii) of the second proviso of the said sub-section to provide that where the application is made under sub-clause (A) of clause (iv) of the first proviso or the application made under clause (iv) of the first proviso as it stood immediately before its amendment vide the Finance Act, 2023, the Principal Commissioner or Commissioner shall pass an order in writing granting approval to it provisionally for a period of three ye ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
