India - Income Tax Act 2010 - Saarc

S. 10(23B) I.T. ACT, 1961 1.76sub-section (1) of section 3 of the Insurance Regulatory andDevelopment Authority Act, 1999 (41 of 1999), as the case maybe].Explanation.—For the purposes of this clause, the expression “Controllerof Insurance” shall have the meaning assigned to it in clause(5B) of section 2 of the Insurance Act, 1938 (4 of 1938) 26 ;]27[(23B) any income of an institution constituted as a public charitable trust orregistered under the Societies Registration Act, 1860 (21 of 1860), orunder any law corresponding to that Act in force in any part of India,and existing solely for the development of khadi or village industriesor both, and not for purposes of profit, to the extent such income isattributable to the business of production, sale, or marketing, of khadior products of village industries:Provided that—(i) the institution applies its income, or accumulates it for application,solely for the development of khadi or village industries orboth; and(ii) the institution is, for the time being, approved for the purpose ofthis clause by the Khadi and Village Industries Commission:Provided further that the Commission shall not, at any one time, grantsuch approval for more than three assessment years beginning withthe assessment year next following the financial year in which it isgranted:28[Provided also that where the institution has been approved by theKhadi and Village Industries Commission and subsequently thatCommission is satisfied that—(i) the institution has not applied or accumulated its income inaccordance with the provisions contained in the first proviso; or(ii) the activities of the institution are not being carried out inaccordance with all or any of the conditions subject to which suchinstitution was approved,it may, at any time after giving a reasonable opportunity of showingcause against the proposed withdrawal to the concerned institution,by order, withdraw the approval and forward a copy of the orderwithdrawing the approval to such institution and to the AssessingOfficer.]Explanation.—For the purposes of this clause,—(i) “Khadi and Village Industries Commission” means the Khadi andVillage Industries Commission established under the Khadi andVillage Industries Commission Act, 1956 (61 of 1956);26. For text of section 2(5B) of the Insurance Act, 1938, see Appendix.27. Inserted by the Finance Act, 1974, w.e.f. 1-6-1974.28. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003.