Research institution approval under tax law requires separate research accounts, annual returns, and audited accounts submission. Approval is granted to Krishnamurti Foundation India, Madras as an approved research institution subject to maintaining separate accounts for research funds and applying them solely to the Centre for Application of Micro Processors, furnishing annual returns of scientific research activities to the prescribed authority by the annual deadline, and submitting audited annual accounts, including income and expenditure statements and a balance sheet, to the prescribed authority and the Commissioner of Income-tax by the stated dates; the approval is effective for the period specified in the notification.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval under tax law requires separate research accounts, annual returns, and audited accounts submission.
Approval is granted to Krishnamurti Foundation India, Madras as an approved research institution subject to maintaining separate accounts for research funds and applying them solely to the Centre for Application of Micro Processors, furnishing annual returns of scientific research activities to the prescribed authority by the annual deadline, and submitting audited annual accounts, including income and expenditure statements and a balance sheet, to the prescribed authority and the Commissioner of Income-tax by the stated dates; the approval is effective for the period specified in the notification.
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