Research approval under section 35(1)(ii) requires separate research accounts and timely annual audited returns filed. Approval is granted to Birla Institute of Medical Research, Gwalior, as an association under clause (ii) of sub-section (1) of section 35, subject to maintaining a separate account for research receipts, furnishing annual returns of research activities to the prescribed authority by 30 April, and submitting audited annual accounts and balance-sheet to the prescribed authority and a copy to the concerned Commissioner of Income-tax by 30 June. Renewal requires application to the Central Board of Direct Taxes three months before expiry, with late applications liable to rejection.
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Research approval under section 35(1)(ii) requires separate research accounts and timely annual audited returns filed.
Approval is granted to Birla Institute of Medical Research, Gwalior, as an association under clause (ii) of sub-section (1) of section 35, subject to maintaining a separate account for research receipts, furnishing annual returns of research activities to the prescribed authority by 30 April, and submitting audited annual accounts and balance-sheet to the prescribed authority and a copy to the concerned Commissioner of Income-tax by 30 June. Renewal requires application to the Central Board of Direct Taxes three months before expiry, with late applications liable to rejection.
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