India - Income Tax Act 2010 - Saarc

S. 10(23C) I.T. ACT, 1961 1.8267[(b) does not invest or deposit its funds, other than—(i) any assets held by the fund, trust or institution 68 [or anyuniversity or other educational institution 69 or any hospitalor other medical institution] where such assetsform part of the corpus of the fund, trust or institution70[or any university or other educational institution orany hospital or other medical institution] as on the 1stday of June, 1973;71[(ia) any asset, being equity shares of a public company, heldby any university or other educational institution or anyhospital or other medical institution where such assetsform part of the corpus of any university or othereducational institution or any hospital or other medicalinstitution as on the 1st day of June, 1998;](ii) any assets (being debentures issued by, or on behalf of,any company or corporation), acquired by the fund,trust or institution 72 [or any university or other educationalinstitution 73 or any hospital or other medicalinstitution] before the 1st day of March, 1983;(iii) any accretion to the shares, forming part of the corpusmentioned in sub-clause (i) 74 [and sub-clause (ia)], byway of bonus shares allotted to the fund, trust orinstitution 72 [or any university or other educationalinstitution or any hospital or other medical institution] ;(iv) voluntary contributions received and maintained in theform of jewellery, furniture or any other article as theBoard may, by notification in the Official Gazette,specify,for any period during the previous year otherwise than inany one or more of the forms or modes specified in subsection(5) of section 11:]Provided also that the exemption under sub-clause (iv) or sub-clause(v) shall not be denied in relation to any funds invested or depositedbefore the 1st day of April, 1989, otherwise than in any one or moreof the forms or modes specified in sub-section (5) of section 11 if such67. Substituted by the Finance Act, 1992, w.r.e.f. 1-4-1990.68. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999.69. For the meaning of the expression “other educational institution”, see Taxmann’s DirectTaxes Manual, Vol. 3.70. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999.71. Inserted by the Finance Act, 2001, w.e.f. 1-4-2001.72. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999.73. For the meaning of the expression “other educational institution”, see Taxmann’s DirectTaxes Manual, Vol. 3.74. Inserted by the Finance Act, 2001, w.e.f. 1-4-2001.