Research institution approval requires separate research accounts, annual returns, audited accounts and timely renewal application. Approval is granted to Vision Research Foundation, Madras, as an approved institution under the Income-tax framework for research associations for 1 April 1987 to 31 March 1988, subject to conditions: maintain a separate research account; furnish annual research returns by 31 May; submit audited annual accounts and balance sheet by 30 June to the prescribed authority, the Central Board of Direct Taxes and the Commissioner of Income-tax; and apply for extension at least three months before expiry or risk rejection.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval requires separate research accounts, annual returns, audited accounts and timely renewal application.
Approval is granted to Vision Research Foundation, Madras, as an approved institution under the Income-tax framework for research associations for 1 April 1987 to 31 March 1988, subject to conditions: maintain a separate research account; furnish annual research returns by 31 May; submit audited annual accounts and balance sheet by 30 June to the prescribed authority, the Central Board of Direct Taxes and the Commissioner of Income-tax; and apply for extension at least three months before expiry or risk rejection.
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