Approval under section 35(1)(ii) for research institution requires separate research accounts, annual returns, audited accounts, and timely renewal. Approval under section 35(1)(ii) is granted to K.J. Research Foundation, Madras, as an 'Association' subject to conditions: maintain a separate account for sums received for scientific research; furnish annual returns of scientific research activities by 30 April; submit audited annual accounts and balance-sheet to the prescribed authority and the concerned Commissioner of Income-tax by 30 June; and apply for extension of approval to the Central Board of Direct Taxes at least three months before expiry.
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Provisions expressly mentioned in the judgment/order text.
Approval under section 35(1)(ii) for research institution requires separate research accounts, annual returns, audited accounts, and timely renewal.
Approval under section 35(1)(ii) is granted to K.J. Research Foundation, Madras, as an "Association" subject to conditions: maintain a separate account for sums received for scientific research; furnish annual returns of scientific research activities by 30 April; submit audited annual accounts and balance-sheet to the prescribed authority and the concerned Commissioner of Income-tax by 30 June; and apply for extension of approval to the Central Board of Direct Taxes at least three months before expiry.
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