Section 35 approval requires separate research accounts and annual audited returns submitted to prescribed authority and tax commissioner. Mahatma Gandhi Memorial College, Udupi is approved under clause (iii) of sub section (1) of section 35 of the Income tax Act as a 'College' for scientific research, subject to maintaining a separate account for research receipts, furnishing annual returns of research activities to the prescribed authority by 30 April, and submitting audited annual accounts and a balance sheet to the prescribed authority by 30 June with copies to the concerned Commissioner of Income tax; approval effective from December 3, 1983 to March 31, 1986.
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Provisions expressly mentioned in the judgment/order text.
Section 35 approval requires separate research accounts and annual audited returns submitted to prescribed authority and tax commissioner.
Mahatma Gandhi Memorial College, Udupi is approved under clause (iii) of sub section (1) of section 35 of the Income tax Act as a "College" for scientific research, subject to maintaining a separate account for research receipts, furnishing annual returns of research activities to the prescribed authority by 30 April, and submitting audited annual accounts and a balance sheet to the prescribed authority by 30 June with copies to the concerned Commissioner of Income tax; approval effective from December 3, 1983 to March 31, 1986.
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