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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Jayant Industrial Foundation gains approval under Section 35(1)(ii) of Income-tax Act for 1987-1988, must follow strict compliance.</h1> The Jayant Industrial and Scientific Research Foundation in Bombay has been approved under section 35(1)(ii) of the Income-tax Act, 1961, for the period from April 1, 1987, to March 31, 1988. The institution must maintain separate accounts for funds received for scientific research, submit annual returns of its activities, and provide audited annual accounts and balance sheets to the prescribed authority and the Central Board of Direct Taxes by specified dates. Additionally, it must apply for an extension of approval three months before expiry; late applications may be rejected.
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