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Research institution approval requires separate research accounts, annual scientific returns, audited accounts submission and timely renewal application. Approval is granted to Maharashtra Rajya Draksha Bagaitdar Sangh as an Institution for research-related provisions of the Income-tax law, conditional on maintaining a separate account for research funds, furnishing annual returns of scientific research activities to the prescribed authority by 30th April, submitting audited annual accounts and a balance sheet with copies to the Commissioner by 30th June, and applying to the Central Board of Direct Taxes for extension of approval at least three months before expiry.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval requires separate research accounts, annual scientific returns, audited accounts submission and timely renewal application.
Approval is granted to Maharashtra Rajya Draksha Bagaitdar Sangh as an Institution for research-related provisions of the Income-tax law, conditional on maintaining a separate account for research funds, furnishing annual returns of scientific research activities to the prescribed authority by 30th April, submitting audited annual accounts and a balance sheet with copies to the Commissioner by 30th June, and applying to the Central Board of Direct Taxes for extension of approval at least three months before expiry.
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