India - Income Tax Act 2010 - Saarc

1.85 CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 10(23C)88[Provided also that where the fund or trust or institution or anyuniversity or other educational institution or any hospital or othermedical institution referred to in sub-clause (iv) or sub-clause (v) orsub-clause (vi) or sub-clause (via) does not apply its income during theyear of receipt and accumulates it, any payment or credit out of suchaccumulation to any trust or institution registered under section12AA or to any fund or trust or institution or any university or othereducational institution or any hospital or other medical institutionreferred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) orsub-clause (via) shall not be treated as application of income to theobjects for which such fund or trust or institution or university oreducational institution or hospital or other medical institution, as thecase may be, is established :Provided also that where the fund or institution referred to in subclause(iv) or trust or institution referred to in sub-clause (v) is notifiedby the Central Government 89 [or is approved by the prescribedauthority, as the case may be,] or any university or other educationalinstitution referred to in sub-clause (vi) or any hospital or othermedical institution referred to in sub-clause (via), is approved by theprescribed authority and subsequently that Government or the prescribedauthority is satisfied that—(i) such fund or institution or trust or any university or othereducational institution or any hospital or other medical institutionhas not—(A) applied its income in accordance with the provisions containedin clause (a) of the third proviso; or(B) invested or deposited its funds in accordance with the provisionscontained in clause (b) of the third proviso; or(ii) the activities of such fund or institution or trust or any universityor other educational institution or any hospital or other medicalinstitution—(A) are not genuine; or(B) are not being carried out in accordance with all or any of theconditions subject to which it was notified or approved,it may, at any time after giving a reasonable opportunity of showingcause against the proposed action to the concerned fund or institutionor trust or any university or other educational institution or anyhospital or other medical institution, rescind the notification or, byorder, withdraw the approval, as the case may be, and forward a copyof the order rescinding the notification or withdrawing the approvalto such fund or institution or trust or any university or other educationalinstitution or any hospital or other medical institution and to theAssessing Officer:]90[Provided also that in case the fund or trust or institution or anyuniversity or other educational institution or any hospital or other88. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003.89. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007.90. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006.