Section 275 — Approval of the investment fund at its option for purposes of section 9(12)

(1) An investment fund, may at its option, seek approval of the Board regarding its eligibility for the purposes of section 9(12).
(2) The fund seeking approval, may make an application, in writing, enclosing relevant documents and evidence, to the Member, Central Board of DirectTaxes, 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 committee headed by a Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax and consisting of twoother Income-tax authorities, not below the rank of Commissioner, to examine the application and submit recommendations regarding grant of approval orotherwise and the conditions thereof, if any, subject to which such approval is to be granted.
(5) The committee on behalf of the Board may, before giving its recommendation, call for such documents or information from the investment fund, theIncome-tax authorities and other Departments or agencies, as it may deem fit.
(6) The Board, on the basis of the recommendations of the committee, shall, within two months from the end of the month in which the application has beenmade, —
(a) by an order in writing, 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in this behalf, shall be applicable for the tax year referred to in sub-rule (3) and subsequenttax years, unless it is withdrawn by the Board.
(8) The benefit of section 9(12) shall not be denied to an eligible investment fund, which has been granted approval, for any tax year for which the approval isin force and has not been withdrawn.
(9) 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
(b) the conditions mentioned in section 9(12) and Schedule I to the Act and the guidelines specified under paragraph 5 of the said Schedule are notfulfilled; or(c) any condition, subject to which approval was granted, has been violated.
(10) No order rejecting the application or withdrawing the approval, shall be passed without giving a reasonable opportunity of being heard and such ordershall be communicated to the —
(a) fund;
(b) the Assessing Officer; and
(c) the Principal Commissioner of Income-tax or the Commissioner of Income-tax having jurisdiction over the fund.