Research institution approval requires separate research accounts, audited annual returns, and prior extension applications and equipment restrictions. Approval under section 35(1)(ii) grants Bhausaheb Sardesai Memorial Research Foundation recognition as an approved research association conditioned on maintaining a separate account for research receipts, using acquired equipment only for research with any non-research income ploughed back into research, filing annual research activity returns by 31 May, submitting audited annual accounts and balance sheet to the prescribed authority by 30 June with copies to the Central Board of Direct Taxes and the concerned Commissioner, and applying for extension at least three months before approval expiry.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Research institution approval requires separate research accounts, audited annual returns, and prior extension applications and equipment restrictions.
Approval under section 35(1)(ii) grants Bhausaheb Sardesai Memorial Research Foundation recognition as an approved research association conditioned on maintaining a separate account for research receipts, using acquired equipment only for research with any non-research income ploughed back into research, filing annual research activity returns by 31 May, submitting audited annual accounts and balance sheet to the prescribed authority by 30 June with copies to the Central Board of Direct Taxes and the concerned Commissioner, and applying for extension at least three months before approval expiry.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
