Tax on accreted income.

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..... g the following formula:-- A = B-C where,-- A = Accreted income; B = Aggregate fair market value of the total assets of the specified person, as on the date specified, in column C of the Table in sub-section (5), computed in accordance with such method of valuation, as prescribed; C = Total liability of such specified person, as on the date specified in column C of the said Table, computed in accordance with such method of valuation, as prescribed. (4) The accreted income, computed as per the provisions of sub-section (3) shall be reduced by such amount of accreted income as is attributable to specified assets, and liabilities, if any, related to such assets. (5) The specified person and the principal officer or trustee of such .....

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..... (a) The specified person has adopted or undertaken modification of its objects during any tax year; and (b) such modified objects do not conform to the conditions of registration. The specified person has applied for fresh registration under any specified provision in such tax year and where such application has been rejected and appeal has been preferred against such order of rejection. The date of adoption or modification of any object. The date of receipt of the order in any appeal, confirming the cancellation of the registration by the specified person. 5. (a) The specified person has adopted or undertaken modification of its objects during any tax year; and (b) such modified objects do not conform to the conditions of registra .....

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..... on has failed to transfer upon dissolution, all its assets to any other registered non-profit organisation within twelve months from the end of the month in which the dissolution takes place.   The date of dissolution. The date on which such period of twelve months expires. (6) The payment of tax on the accreted income by the specified person under this section shall be deemed as the final payment of tax in respect of the said income and no further credit therefor shall be claimed by, or any deduction be allowed to, the specified person or any other person in respect of the amount of tax so paid under any other provision of this Act. (7) Where the specified person, or the principal officer or trustee of such specified person, fail .....

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