Institutional approval for scientific research permits tax-related benefits subject to separate accounts and annual audited reporting. Approval is granted to the National Labour Law Association, New Delhi, as an Institution for Income-tax purposes for scientific research, conditional on maintaining a separate account for research receipts and furnishing prescribed annual returns of research activities. The institution must also submit audited annual accounts showing income and expenditure and a balance-sheet of assets and liabilities to the prescribed authority, and forward copies to the concerned Commissioner of Income-tax, within the specified annual timelines.
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.
Institutional approval for scientific research permits tax-related benefits subject to separate accounts and annual audited reporting.
Approval is granted to the National Labour Law Association, New Delhi, as an Institution for Income-tax purposes for scientific research, conditional on maintaining a separate account for research receipts and furnishing prescribed annual returns of research activities. The institution must also submit audited annual accounts showing income and expenditure and a balance-sheet of assets and liabilities to the prescribed authority, and forward copies to the concerned Commissioner of Income-tax, within the specified annual timelines.
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