64. Procedure for specifying an association or institution for purposes of notification under section 133(1)(a)(xxiv).–

(1) In specifying an association or institution for notification under section 133(1)(a)(xxiv), the Central Government shall satisfy itself that such association or institution —

(a) has as its object the control, supervision, regulation or encouragement in India of the games or sports notified under section 133(7)(e);

(b) has a proven record of dedication to the development of infrastructure or promotion of sports or games for at least a period of three years;

(c) does not distribute any part of its income in any manner to its members, except as grants to any association or institution affiliated to it;

(d) applies the amount received by way of donation referred to in section 133(1)(a)(xxiv) for purposes of development of infrastructure for games or sports in India or for sponsoring of games or sports in India; and

(e) maintains regular accounts of its receipt and expenditure and files its return of income regularly.

(2) The notification issued by the Central Government under section 133(1)(a)(xxiv) shall be effective for up to three tax years, including any assessments for tax years prior to the notification date, as specified in the notification.