Approval under section 35(1)(ii) requires separate research accounts, annual returns, audited accounts, and timely renewal applications. Banasthali Vidyapith, Rajasthan, is approved as an institution for research expenditure deduction in the category 'University', subject to maintaining separate research accounts, filing annual scientific research returns by 30 April each year, submitting audited annual accounts to the prescribed authority and the concerned Commissioner by 30 June each year, and applying for extension of approval at least three months before expiry; failure to apply timely may lead to rejection. The approval period runs from 24 January 1986 to 31 March 1989.
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Provisions expressly mentioned in the judgment/order text.
Approval under section 35(1)(ii) requires separate research accounts, annual returns, audited accounts, and timely renewal applications.
Banasthali Vidyapith, Rajasthan, is approved as an institution for research expenditure deduction in the category "University", subject to maintaining separate research accounts, filing annual scientific research returns by 30 April each year, submitting audited annual accounts to the prescribed authority and the concerned Commissioner by 30 June each year, and applying for extension of approval at least three months before expiry; failure to apply timely may lead to rejection. The approval period runs from 24 January 1986 to 31 March 1989.
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