Approval under section 35(1)(ii) imposes separate accounting and annual reporting obligations on the research institute. Approval is granted to Aspee Research Institute, Bombay, under clause (ii) of sub section (1) of section 35 of the Income tax Act read with the Rules as an Association, conditional on maintaining a separate account for scientific research, furnishing annual returns of research activities to the prescribed authority by 30 April each year, and submitting audited annual accounts and balance sheet to the prescribed authority by 30 June each year with copies to the concerned Commissioner of Income tax.
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.
Approval under section 35(1)(ii) imposes separate accounting and annual reporting obligations on the research institute.
Approval is granted to Aspee Research Institute, Bombay, under clause (ii) of sub section (1) of section 35 of the Income tax Act read with the Rules as an Association, conditional on maintaining a separate account for scientific research, furnishing annual returns of research activities to the prescribed authority by 30 April each year, and submitting audited annual accounts and balance sheet to the prescribed authority by 30 June each year with copies to the concerned Commissioner of Income tax.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
