Research institution approval requires maintaining separate research accounts and timely audited accounts and annual returns to tax authorities. Approval is granted to Pan Asian Management and Rural Research Organisation, New Delhi, subject to conditions: maintain a separate account for research funds; furnish annual returns of scientific research activities by 31st May; submit audited annual accounts, income and expenditure statement, and balance sheet to the prescribed authority by 30th June with copies to the Central Board of Direct Taxes and the concerned Commissioner; and apply to the Central Board for renewal three months before approval expiry, with late applications liable to rejection.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval requires maintaining separate research accounts and timely audited accounts and annual returns to tax authorities.
Approval is granted to Pan Asian Management and Rural Research Organisation, New Delhi, subject to conditions: maintain a separate account for research funds; furnish annual returns of scientific research activities by 31st May; submit audited annual accounts, income and expenditure statement, and balance sheet to the prescribed authority by 30th June with copies to the Central Board of Direct Taxes and the concerned Commissioner; and apply to the Central Board for renewal three months before approval expiry, with late applications liable to rejection.
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