Approval of the investment fund at its option for purposes of section 9(12)

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....may make an application, in writing, enclosing relevant documents and evidence, to the Member, Central Board of Direct Taxes, having supervision and control over the work of Foreign Tax and Tax Research Division. (3) The application referred to in sub-rule (2) shall be made three months before the beginning of the tax year for which the fund seeks the approval. (4) The Board shall notify a c....

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....grant approval to the fund subject to such conditions as it may deem fit; or (b) for reasons to be recorded in writing, reject the application. (7) The approval once granted, subject to any condition specified in this behalf, shall be applicable for the tax year referred to in sub-rule (3) and subsequent tax years, unless it is withdrawn by the Board. (8) The benefit of section 9(12....