Notification No. 133/2005, Dated 26-4-2005
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 “Tibetan Homes
Foundation, New Delhi” for the purpose of the said sub-clause for the
assessment year 2004-2005 to 2006-2007 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 and in a case where more than fifteen per cent of its
income is accumulated on or after the 1st day of April, 2002, the
period of the accumulation of the amount exceeding fifteen per cent of its
income shall in no case exceed five years;
(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.