Approval under section 35(1)(ii) requires research institution to maintain separate accounts and file annual audited returns. Approval is granted to the Economic and Scientific Research Foundation, New Delhi, as an institution for purposes of the Income-tax Act, subject to conditions: maintain a separate account for scientific research receipts; furnish annual returns of research activities by 31st May; submit audited accounts, income and expenditure statements and balance-sheet to the prescribed authority, the Central Board of Direct Taxes and the concerned Commissioner by 30th June; and apply for approval extension at least three months before 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.
Approval under section 35(1)(ii) requires research institution to maintain separate accounts and file annual audited returns.
Approval is granted to the Economic and Scientific Research Foundation, New Delhi, as an institution for purposes of the Income-tax Act, subject to conditions: maintain a separate account for scientific research receipts; furnish annual returns of research activities by 31st May; submit audited accounts, income and expenditure statements and balance-sheet to the prescribed authority, the Central Board of Direct Taxes and the concerned Commissioner by 30th June; and apply for approval extension at least three months before expiry.
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