Application for grant of certificates for deduction or collection of income-tax at any lower rates, or no deduction of income-tax

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....t of a certificate for - (a) the deduction of income-tax at any lower rates, or no deduction of income-tax, under sub-section (1) of section 395; or (b) the collection of income-tax at any lower rates under sub-section (3) of the said section. (2) The provisions of sub-rule (1) may not be applicable to the person, who is eligible for a certificate of no deduction of tax in res....

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....(c), or a registered non-profit organisation, the Assessing Officer, before issue of certificate specified under sub-rule (1), shall in addition to conditions specified in sub-rule (3), take into consideration the following:- (a) the specified entity is approved for the purpose of exemption from income-tax as on the date of application and also as on date of grant of certificate for that ....

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.... (ii) such shares stand in the name of the applicant and are held by him on behalf of a registered non- profit organisation and the dividends therefrom are exempt from tax under Chapter XIX-B of the Act. (6) The certificate specified under sub-rule (5) shall cease to operate from the date of notice to the company for transfer of shares mentioned therein to another person, to the extent of incom....