Research institution approval requires separate research accounts, annual audited returns, and timely renewal applications under income tax law. Approval under the Income-tax Act was granted to the Institute of Management Development, Lucknow as an institution eligible under clause (iii) of sub section (1) of section 35, subject to maintaining a separate account for research funds, filing annual scientific research returns in prescribed forms by 31st May, submitting audited annual accounts and balance-sheet copies to designated tax authorities by 30th June, and applying for extension before approval expiry.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval requires separate research accounts, annual audited returns, and timely renewal applications under income tax law.
Approval under the Income-tax Act was granted to the Institute of Management Development, Lucknow as an institution eligible under clause (iii) of sub section (1) of section 35, subject to maintaining a separate account for research funds, filing annual scientific research returns in prescribed forms by 31st May, submitting audited annual accounts and balance-sheet copies to designated tax authorities by 30th June, and applying for extension before approval expiry.
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