Notification No. 131/2005,
Dated 19-4-2005
In exercise of powers conferred by the
sub-clause (v) of clause (23C) of section 10 of the Income-tax. Act,
1961 (43 of 1961), the Central Government hereby notifies the “Srimajjagadguru
Madhwacharya Moolamahasamsthana Uttaradi Math, Dharwad” for the purpose of the
said sub-clause for the assessment year 2002-2003 to 2004-2005 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 other wise than in any 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, unless the business is
incidental to the attainment of the objectives of the assessee and separate
books of accounts are maintained in respect of such 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, its surplus
and the assets will be given to a charitable organisation with similar
objectives.