TaxTMI 
TaxTMI 
Insertion of new section 80F (Omitted)
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....ipt of income derived from property held under a trust created on or after the 1st day of April, 1952, or by an institution established on or after that date, for a charitable purpose which is for the benefit of citizens of India abroad or which tends to promote international welfare in which India is interested; or (d) a trust or institution declared by the Board, by notification in the Official Gazette, to be a trust or institution of national importance, having regard to the objects set out in the instrument creating the trust or establishing the institution, the opinion of such experts in the respective fields of activity of the trust or institution as the Board may think fit to consult, and other relevant factors, there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified hereunder, namely :- (i) any amount applied in India by the person referred to in clause (a), or by the trust or institution referred to in clause (d), during the previous year wholly and exclusively to the purposes of the trust or institution; (ii) any amount applied in India by the person referred to in clause (b) during ....
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.... as defined in the Explanation below sub-section (2) of section 288 and the person in receipt of the income furnishes along with the return of income for the relevant assessment year the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed; (c) such other conditions as the Board may, having regard to the interests or quantum of the revenue, by general or special order, impose, and such conditions may include a condition that a nominee of the Board shall, notwithstanding anything contained in any other law for the time being in force or in any instrument constituting the trust or institution concerned or governing the working thereof, be appointed on the Board of trustees of the said trust or, as the case may be, the governing body of the institution. (3) The deduction under sub-section (1) shall not be allowed where - (a) any part of the property of the trust or institution is held for a private religious purpose which does not ensure for the benefit of the public or any part of the income from such property is applied to any such purpose as aforesaid; (b) ....
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....ectly or indirectly in conferring any benefit, amenity or perquisite (whether convertible into money or not) on any interested person, if- (a) any part of the income or property of the trust or institution is, or continues to be, lent to any interested person for any period during the previous year without either adequate security or adequate interest or both; (b) any land, building or other property of the trust or institution is, or continues to be, made available for the use of any interested person for any period during the previous year without charging adequate rent or other compensation; (c) any amount is paid by way of salary, allowance of otherwise during the previous year to any interested person out of the resources of the trust or institution for services rendered by that person to such trust or institution and the amount so paid is in excess of what may be reasonably paid for such services; (d) the services of the trust or institution are made available to any interested person during the previous year without adequate remuneration or other compensation; (e) any share, security or other property is purchased by or on behalf ....
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....r of any income or asset to the trust or institution. (7) Where the property referred to in clause (a) or clause (b) or clause (c) of sub-section (1) consists wholly or partly of a business undertaking, or any person, trust or institution referred to in clause (a) or clause (b) or clause (c) or clause (d) of that sub-section derives income from a business carried on by him or it, the foregoing provisions of this section shall apply subject to the following conditions and with the following modifications, namely :- (a) separate books of account are maintained by such person, trust or institution in respect of such business; suoh accounts are maintained on the cash system of accounting and are audited by an accountant as defined in the Explanation below sub-section (2) of section 288, and the person, trust or institution furnishes, along with the return of income for the relevant assessment year, the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed; (b) in computing the profits and gains of such business, no deduction shall be allowed in respect of any expenditure....
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....h person. trust or institution enters into any partnership or joint venture or forms any association of persons or a body of individuals with any interested person or with any concern in which any interested person has a substantial interest. (8) The Board may, by general or special order, direct that any power or authority conferred upon it under this section may, subject to such conditions and restrictions as it may think fit to impose, be exercised also by such officer not below the rank of a Commissioner as it may specify in the order. Explanation 1 .- For the purposes of this section,- (a) "interested person" means - (i) the author of the trust or the founder of the institution; (ii) any person who has made a substantial contribution to the trust or institution, that is to say, any person whose total contribution up to the end of the relevant previous year exceeds twenty-five thousand rupees; (iii) where such author, founder or person is a Hindu undivided family, a member of the family or any relative of such member; (iv) any trustee of the trust or manager (by whatever name called) of the institution; (v)....