Research institution approval under tax law requires separate research accounts and annual audited filings for continued recognition. Approval is granted to the Institute of Management Development, Lucknow, as an Institution for purposes of clause (iii) of sub section (1) of section 35 of the Income tax Act, 1961, read with rule 6 of the Income tax Rules, 1962, by the Department of Scientific & Industrial Research. The approval is subject to conditions: maintain a separate account for research funds; file annual research returns to the prescribed authority; submit audited annual accounts and balance sheet to the prescribed authority, the Central Board of Direct Taxes and the concerned Commissioner; and apply to the Central Board for extension 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.
Research institution approval under tax law requires separate research accounts and annual audited filings for continued recognition.
Approval is granted to the Institute of Management Development, Lucknow, as an Institution for purposes of clause (iii) of sub section (1) of section 35 of the Income tax Act, 1961, read with rule 6 of the Income tax Rules, 1962, by the Department of Scientific & Industrial Research. The approval is subject to conditions: maintain a separate account for research funds; file annual research returns to the prescribed authority; submit audited annual accounts and balance sheet to the prescribed authority, the Central Board of Direct Taxes and the concerned Commissioner; and apply to the Central Board for extension before expiry.
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