Exemption under section 10(21) requires approved scientific research associations to apply income solely and meet investment conditions. Section 10(21) exempts income of a scientific research association approved under section 35(1)(ii) when applied solely to the association's purposes; the income need not be spent in the relevant year. The Finance Act, 1983 amended section 10(21) to require post-cut-off contributions to be invested or deposited in prescribed forms and to bring prior investments into the prescribed pattern, and to restrict investments in companies to government companies or statutory corporations. Authorities should issue notices and scrutinise returns to verify compliance.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption under section 10(21) requires approved scientific research associations to apply income solely and meet investment conditions.
Section 10(21) exempts income of a scientific research association approved under section 35(1)(ii) when applied solely to the association's purposes; the income need not be spent in the relevant year. The Finance Act, 1983 amended section 10(21) to require post-cut-off contributions to be invested or deposited in prescribed forms and to bring prior investments into the prescribed pattern, and to restrict investments in companies to government companies or statutory corporations. Authorities should issue notices and scrutinise returns to verify compliance.
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