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 "Periyar Self Respect Propaganda Institution,
Periyar, Chennai" for the purpose of the said sub-clause for the
assessment year 2001-2002 to 2003-2004 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.
[F.No. 197/20/2005-ITA-I]