(2) The fund seeking approval may make an application in writing, enclosing relevant documents and evidence, to Member (Income-tax), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, North Block, New Delhi.
(3) The application under sub-rule (2) shall be made three months before the beginning of the previous year for which the fund seeks the approval.
(4) A committee as notified by the Board, shall examine the application and submit its recommendations regarding grant of approval or otherwise and the conditions, if any, subject to which such an approval is to be granted.
(5) The committee referred to in sub-rule(4) shall be headed by a Principal Chief Commissioner or Chief Commissioner, as the case may be, and consist of two other Income-tax authorities not below the rank of Commissioner.
(6) The committee on behalf of the Board may, before giving its recommendation, call for such documents or information from the investment fund as it may consider necessary and may call for further details or information from the fund as well as from the Income-tax authorities and other Departments or agencies, as it may deem fit.
(7) The Board, on the basis of the recommendations of the committee, shall, within sixty days from the end of the month in which the application under sub-rule (2) has been made,—
(i) by an order in writing, grant approval to the fund subject to such conditions as it may deem fit; or(8) The approval once granted, subject to any condition specified in this behalf, shall be applicable for the previous year referred to in sub-rule(3) and subsequent previous years unless it is withdrawn by the Board.
(ii) for reasons to be recorded in writing, reject the application.
(9) The benefit of section 9A shall not be denied to an eligible investment fund, which has been granted approval, for any previous year for which the approval is in force and has not been withdrawn.
(10) The Board may withdraw the approval granted to any fund, if it is satisfied that,—
(a) the approval has been obtained on the basis of misrepresentation of facts or fraud ;or(11) No order rejecting the application or withdrawing the approval, shall be passed without giving an opportunity of being heard.
(b) the conditions mentioned in section 9A are not fulfilled; or
(c) any condition subject to which approval was granted, has been violated.
(12) A copy of the order rejecting the application or withdrawing the approval shall be communicated to the fund as well as the Assessing Officer and the Principal Commissioner or Commissioner having jurisdiction over the fund.
Reference/Source: Check at Income Tax site for latest version of the Rules - link