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96. Deemed income of a non-profit organisation
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96. Deemed income of a non-profit organisation.—(1) Any amount referred to in clause (f) of section 94 shall be deemed to be the income of the non-profit organisation, if the amount—
(a) is not utilised for the purpose for which it was accumulated or set apart during the period specified therein ; or
(b) ceases to remain invested or deposited in any of the modes specified in section 95.
(2) In this section, the amount shall be deemed to be the income of the financial year—
(a) immediately following the expiry of the specified period in a case falling under clause (a) of sub-section (1) ; or
(b) in which the amount ceases to remain so invested or deposited in a case falling under clause (b) of sub-section (1).
Clause 96 provides that any amount referred to in item (f) of clause 94 shall be deemed to be the income of the non-profit organisation, if the amount is not utilised for the purpose for which it was accumulated or set apart during the period specified therein or the amount ceases to remain invested or deposited in any of the modes specified in clause 95.
The said clause further provides that for the purposes of this clause, the amount shall be deemed to be the income of the financial year immediately following the expiry of the specified period if the amount is not utilised during the financial year for the purpose for which it was accumulated or set apart, or in which the amount ceases to remain so invested or deposited in any of the specified modes.
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