Research institution approval under tax deduction provision conditioned on separate accounts, annual returns, audited accounts and timely renewal. Approval to Dr. Patani Scientific & Industrial Research, Bombay under section 35(1)(ii) is subject to maintaining a separate account for research funds and furnishing annual research returns by 30 April. The Association must submit audited annual accounts showing income, expenditure, assets and liabilities to the prescribed authority and provide copies to the Commissioner of Income-tax by 30 June. Extension of approval requires an application to the tax board at least three months before expiry; late applications may be rejected.
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.
Research institution approval under tax deduction provision conditioned on separate accounts, annual returns, audited accounts and timely renewal.
Approval to Dr. Patani Scientific & Industrial Research, Bombay under section 35(1)(ii) is subject to maintaining a separate account for research funds and furnishing annual research returns by 30 April. The Association must submit audited annual accounts showing income, expenditure, assets and liabilities to the prescribed authority and provide copies to the Commissioner of Income-tax by 30 June. Extension of approval requires an application to the tax board at least three months before expiry; late applications may be rejected.
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