Amendment to tax provision: universities and Indian Institutes of Technology now recognised alongside national laboratories for research-related treatment. Amendment adds University and Indian Institute of Technology to the class of institutions treated like a National Laboratory under section 35, inserts those terms into both provisos, and substitutes an Explanation defining National Laboratory, adopting statutory meaning for University, and equating Indian Institute of Technology with the corresponding statutory term, with recognition by the prescribed authority.
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Amendment to tax provision: universities and Indian Institutes of Technology now recognised alongside national laboratories for research-related treatment.
Amendment adds University and Indian Institute of Technology to the class of institutions treated like a National Laboratory under section 35, inserts those terms into both provisos, and substitutes an Explanation defining National Laboratory, adopting statutory meaning for University, and equating Indian Institute of Technology with the corresponding statutory term, with recognition by the prescribed authority.
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