Approval under section 35(1)(ii): research institution recognition subject to reporting and accounting compliance. Approval under section 35(1)(ii) was granted to The Foundation for Medical Research, Bombay, subject to maintaining a separate account for research receipts; furnishing annual returns of scientific research activities to the prescribed authority by 30th April each year; submitting audited annual accounts, income-and-expenditure statements and a balance sheet to the prescribed authority by 30th June each year with copies to the concerned Commissioner of Income-tax; and applying to the Central Board of Direct Taxes for extension at least three months before expiry of approval.
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Provisions expressly mentioned in the judgment/order text.
Approval under section 35(1)(ii): research institution recognition subject to reporting and accounting compliance.
Approval under section 35(1)(ii) was granted to The Foundation for Medical Research, Bombay, subject to maintaining a separate account for research receipts; furnishing annual returns of scientific research activities to the prescribed authority by 30th April each year; submitting audited annual accounts, income-and-expenditure statements and a balance sheet to the prescribed authority by 30th June each year with copies to the concerned Commissioner of Income-tax; and applying to the Central Board of Direct Taxes for extension at least three months before expiry of approval.
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