India - Income Tax Act 2010 - Saarc

1.75 CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 10(23AAB)(ii) the activities of the association or institution are not being carriedout in accordance with all or any of the conditions subject towhich such association or institution was approved,it may, at any time after giving a reasonable opportunity of showingcause against the proposed withdrawal to the concerned associationor institution, by order, withdraw the approval and forward a copyof the order withdrawing the approval to such association or institutionand to the Assessing Officer;]19[(23AA) any income received by any person on behalf of any Regimental Fundor Non-Public Fund established by the armed forces of the Union forthe welfare of the past and present members of such forces or theirdependants;]20[(23AAA) any income received by any person on behalf of a fund established,for such purposes as may be notified 21 by the Board in the OfficialGazette, for the welfare of employees or their dependants and ofwhich fund such employees are members if such fund fulfils thefollowing conditions, namely :—(a) the fund—(i) applies its income or accumulates it for application, whollyand exclusively to the objects for which it is established;and(ii) invests its funds and contributions and other sums receivedby it in the forms or modes specified in sub-section (5) ofsection 11;(b) the fund is approved by the Commissioner in accordance with therules 22 made in this behalf:Provided that any such approval shall at any one time have effect forsuch assessment year or years not exceeding three assessment yearsas may be specified in the order of approval;]23[(23AAB) any income of a fund, by whatever name called, set up by the LifeInsurance Corporation of India on or after the 1st day of August, 199624[or any other insurer] under a pension scheme,—(i) to which contribution is made by any person for the purpose ofreceiving pension from such fund;(ii) which is approved by the Controller of Insurance 25 [or the InsuranceRegulatory and Development Authority established under19. Inserted by the Finance (No. 2) Act, 1980, w.r.e.f. 1-4-1962.20. Inserted by the Finance Act, 1995, w.e.f. 1-4-1996.21. For notified purposes, see Taxmann’s Master Guide to Income-tax Act.22. See rule 16C and Form No. 9.23. Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997.24. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.25. Inserted, ibid.