Research approval under income tax provisions: Madras Institute recognised subject to separate accounts, annual returns, audited accounts and renewal notice. Approval of the Madras Institute of Magnetobiology as an Association eligible under the income-tax research deduction framework is granted subject to conditions: maintain a separate account for research receipts; furnish annual research activity returns to the prescribed authority by 30th April; submit audited annual accounts, income and expenditure statements and balance sheet to the prescribed authority and concerned tax commissioner by 30th June; and apply for extension three months before approval expiry, with late applications liable to rejection.
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Provisions expressly mentioned in the judgment/order text.
Research approval under income tax provisions: Madras Institute recognised subject to separate accounts, annual returns, audited accounts and renewal notice.
Approval of the Madras Institute of Magnetobiology as an Association eligible under the income-tax research deduction framework is granted subject to conditions: maintain a separate account for research receipts; furnish annual research activity returns to the prescribed authority by 30th April; submit audited annual accounts, income and expenditure statements and balance sheet to the prescribed authority and concerned tax commissioner by 30th June; and apply for extension three months before approval expiry, with late applications liable to rejection.
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