Research Institution Approval under tax law grants conditional exemption subject to accounting, reporting, audited accounts, and renewal. Approval is granted to the Pune Medical Research Society as an approved institution under section 35(1)(ii) of the Income-tax Act, subject to conditions: maintain separate accounts for research receipts; furnish annual returns of research activities by 30th April; submit audited annual accounts, income and expenditure statement, and balance-sheet to the prescribed authority and Commissioner by 30th June; and apply to the tax board for extension at least three months before approval expiry, with late applications liable to rejection.
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Provisions expressly mentioned in the judgment/order text.
Research Institution Approval under tax law grants conditional exemption subject to accounting, reporting, audited accounts, and renewal.
Approval is granted to the Pune Medical Research Society as an approved institution under section 35(1)(ii) of the Income-tax Act, subject to conditions: maintain separate accounts for research receipts; furnish annual returns of research activities by 30th April; submit audited annual accounts, income and expenditure statement, and balance-sheet to the prescribed authority and Commissioner by 30th June; and apply to the tax board for extension at least three months before approval expiry, with late applications liable to rejection.
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