Research association approval under tax law: conditional recognition requiring separate accounts, annual audited returns and timely renewal application. Approval of Vittal Mallya Scientific Research Foundation as an Association under clause (ii) of subsection (1) of section 35 is subject to maintaining a separate research account, furnishing annual research returns by 31 May, submitting audited annual accounts and balance sheet to the prescribed authority, CBDT and the Commissioner by 30 June, and applying for extension at least three months before approval expiry; late applications risk rejection.
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 association approval under tax law: conditional recognition requiring separate accounts, annual audited returns and timely renewal application.
Approval of Vittal Mallya Scientific Research Foundation as an Association under clause (ii) of subsection (1) of section 35 is subject to maintaining a separate research account, furnishing annual research returns by 31 May, submitting audited annual accounts and balance sheet to the prescribed authority, CBDT and the Commissioner by 30 June, and applying for extension at least three months before approval expiry; late applications risk rejection.
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