Approval under section 35(1)(ii) grants tax-exempt research status subject to annual reporting and account conditions. Approval is granted to Grasim Medical Research Institute under section 35(1)(ii) of the Income-tax Act, 1961, for the period 1 April 1987 to 31 March 1988, subject to conditions requiring separate accounting for research receipts, annual returns of research activities by 31 May, audited annual accounts and balance-sheet submissions by 30 June to the prescribed authority, the Central Board of Direct Taxes, and the Commissioner, and advance application for 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) grants tax-exempt research status subject to annual reporting and account conditions.
Approval is granted to Grasim Medical Research Institute under section 35(1)(ii) of the Income-tax Act, 1961, for the period 1 April 1987 to 31 March 1988, subject to conditions requiring separate accounting for research receipts, annual returns of research activities by 31 May, audited annual accounts and balance-sheet submissions by 30 June to the prescribed authority, the Central Board of Direct Taxes, and the Commissioner, and advance application for extension at least three months before expiry.
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