Notification No. 132/2005,
Dated 19-4-2005
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
of “Adhi Prasakthi Charitable, Medical Educational & Cultural Trust,
Melmaruvathur, Tamilnadu” for the purpose of the said sub-clause for the
assessment years 2006-2007 to 2008-2009 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 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, 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.