Scientific research approval granted to a cancer research foundation subject to reporting, audit, investment and renewal conditions. Approval is granted to Saurashtra Cancer Research Foundation, Rajkot, as an Association for scientific research under the Income-tax Act, subject to conditions: maintain separate accounts for research receipts; furnish annual returns of scientific research activities to the prescribed authority by 31st May each year; submit audited annual accounts, income and expenditure statements and balance-sheet to the prescribed authority, the Central Board of Direct Taxes and the concerned Commissioner of Income-tax by 30th June each year; apply for extension three months prior to expiry; and invest surplus funds in accordance with the statutory investment provision.
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Provisions expressly mentioned in the judgment/order text.
Scientific research approval granted to a cancer research foundation subject to reporting, audit, investment and renewal conditions.
Approval is granted to Saurashtra Cancer Research Foundation, Rajkot, as an Association for scientific research under the Income-tax Act, subject to conditions: maintain separate accounts for research receipts; furnish annual returns of scientific research activities to the prescribed authority by 31st May each year; submit audited annual accounts, income and expenditure statements and balance-sheet to the prescribed authority, the Central Board of Direct Taxes and the concerned Commissioner of Income-tax by 30th June each year; apply for extension three months prior to expiry; and invest surplus funds in accordance with the statutory investment provision.
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