Research institution approval enables tax treatment but requires separate research accounts, annual returns, audited accounts, and timely renewal. Approval is granted to Mahatma Gandhi Memorial College, Udupi as an approved research institution entitled to research-related tax treatment, conditional on maintaining a separate account for research receipts, filing prescribed annual returns of research activities, submitting audited annual accounts and balance sheet to the prescribed authority with copies to the tax commissioner, and applying for renewal of approval in advance to avoid rejection.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval enables tax treatment but requires separate research accounts, annual returns, audited accounts, and timely renewal.
Approval is granted to Mahatma Gandhi Memorial College, Udupi as an approved research institution entitled to research-related tax treatment, conditional on maintaining a separate account for research receipts, filing prescribed annual returns of research activities, submitting audited annual accounts and balance sheet to the prescribed authority with copies to the tax commissioner, and applying for renewal of approval in advance to avoid rejection.
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