Research institution approval requires separate research accounts, annual audited returns, and timely renewal under tax law. Thapar Corporate Research and Development Centre is approved as an institution eligible under the income-tax provision for research-related recognition for the period 1-4-1986 to 31-3-1989, subject to conditions: maintain a separate account for research receipts; furnish annual returns of research activities to the prescribed authority by 30 April; submit audited annual accounts, income and expenditure statements, and balance sheet to the prescribed authority and the Commissioner of Income-tax by 30 June; and apply for extension three months before approval expiry.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval requires separate research accounts, annual audited returns, and timely renewal under tax law.
Thapar Corporate Research and Development Centre is approved as an institution eligible under the income-tax provision for research-related recognition for the period 1-4-1986 to 31-3-1989, subject to conditions: maintain a separate account for research receipts; furnish annual returns of research activities to the prescribed authority by 30 April; submit audited annual accounts, income and expenditure statements, and balance sheet to the prescribed authority and the Commissioner of Income-tax by 30 June; and apply for extension three months before approval expiry.
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