Approval under Section 35(1)(ii) rescinded, removing tax-benefit status for specified research organisations. Central Government notifications granting approval under Section 35(1)(ii) of the Income-tax Act, 1961 to three Kolkata research organisations have been rescinded retrospectively; the rescissions state that the original approvals shall be deemed not to have been issued for any tax benefits. The approvals had been conditional on utilisation of sums for scientific research, research conducted through faculty or students, maintenance of separate books and audited accounts, and certified statements of donations and applications; the earlier notifications also listed specific grounds on which approval would be withdrawn.
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Provisions expressly mentioned in the judgment/order text.
Approval under Section 35(1)(ii) rescinded, removing tax-benefit status for specified research organisations.
Central Government notifications granting approval under Section 35(1)(ii) of the Income-tax Act, 1961 to three Kolkata research organisations have been rescinded retrospectively; the rescissions state that the original approvals shall be deemed not to have been issued for any tax benefits. The approvals had been conditional on utilisation of sums for scientific research, research conducted through faculty or students, maintenance of separate books and audited accounts, and certified statements of donations and applications; the earlier notifications also listed specific grounds on which approval would be withdrawn.
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