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Guidelines for approval under clause (23FA) of section 10. — (1) An application for approval shall be made in Form No. 56AA by a venture capital fund or a venture capital company to the Central Government.
(2) Every application under sub-rule (1) may be made in any previous year in which any income by way of dividend or long-term capital gains of a venture capital fund or a venture capital company from investments made by way of equity shares in a venture capital undertaking shall not be included in computing the total income of such venture capital fund or venture capital company. (3) Every application for approval under sub-rule (1) shall be accompanied by the following documents, namely :—
(4) The Central Government may approve the venture capital fund or the venture capital company, as the case may be, subject to the following conditions, namely :—
(5) The Central Government may pass an order in writing granting approval or refusing approval to the venture capital fund or venture capital company, as the case may be : Provided that no order refusing the approval shall be passed unless an opportunity of being heard has been given to the venture capital fund or the venture capital company. (6) The approval of the Central Government under sub-rule (5) shall at any one time have effect for such assessment year or years, not exceeding three assessment years. (7) The Central Government shall withdraw the approval granted under sub-rule (5) in the following circumstances :—
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