Approved organization status for research requires separate accounts, audited reports and certified donation statements, with approval withdrawable for non-compliance. The Institute of Chemical Technology, Mumbai is approved as an approved organization for research under the Income-tax Act from the assessment year 2014-2015, subject to conditions: use of sums for scientific research; research by faculty or enrolled students; maintenance of separate books of accounts for research receipts and expenditures, audited by a qualified accountant with the audit report filed by the income-tax return due date; and a separate auditor-certified statement of donations received and amounts applied for research to accompany the audit report.
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.
Approved organization status for research requires separate accounts, audited reports and certified donation statements, with approval withdrawable for non-compliance.
The Institute of Chemical Technology, Mumbai is approved as an approved organization for research under the Income-tax Act from the assessment year 2014-2015, subject to conditions: use of sums for scientific research; research by faculty or enrolled students; maintenance of separate books of accounts for research receipts and expenditures, audited by a qualified accountant with the audit report filed by the income-tax return due date; and a separate auditor-certified statement of donations received and amounts applied for research to accompany the audit report.
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