India - Income Tax Act 2010 - Saarc

1.71 CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 10(21)4[(b) does not invest or deposit its funds, other than—(i) any assets held by the 4a [scientific research association]where such assets form part of the corpus of the fund of theassociation as on the 1st day of June, 1973;(ii) any assets (being debentures issued by, or on behalf of, anycompany or corporation), acquired by the 4a [scientificresearch association] before the 1st day of March, 1983;(iii) any accretion to the shares, forming part of the corpus of thefund mentioned in sub-clause (i), by way of bonus sharesallotted to the 4a [scientific research association];(iv) voluntary contributions received and maintained in the formof jewellery, furniture or any other article as the Board may,by notification in the Official Gazette, specify,for any period during the previous year otherwise than in any oneor more of the forms or modes specified in sub-section (5) ofsection 11:]5[Provided further that the exemption under this clause shall not bedenied in relation to voluntary contribution, other than voluntarycontribution in cash or voluntary contribution of the nature referredto in clause (b) of the first proviso to this clause, subject to thecondition that such voluntary contribution is not held by the 4a [scientificresearch association], otherwise than in any one or more of the formsor modes specified in sub-section (5) of section 11, after the expiry ofone year from the end of the previous year in which such asset isacquired or the 31st day of March, 1992, whichever is later:Provided also] that nothing contained in this clause shall apply inrelation to any income of the 4a [scientific research association], beingprofits and gains of business, unless the business is incidental to theattainment of its objectives and separate books of account aremaintained by it in respect of such business:]6[Provided also that where the 4a [scientific research association] isapproved by the Central Government and subsequently that Governmentis satisfied that—(i) the 4a [scientific research association] has not applied its income inaccordance with the provisions contained in clause (a) of the firstproviso; or(ii) the 4a [scientific research association] has not invested or depositedits funds in accordance with the provisions contained inclause (b) of the first proviso; or(iii) the activities of the 4a [scientific research association] are notgenuine; or4. Substituted by the Finance Act, 1992, w.r.e.f. 1-4-1990.4a. Words “research association” shall be substituted for “scientific research association” bythe Finance Act, 2010, w.e.f. 1-4-2011.5. Substituted for the words “Provided further” by the Finance (No. 2) Act, 1991, w.r.e.f.1-4-1990.6. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003.