Research institution approval under section 35(1)(ii) requires separate research accounts and annual audited returns to authorities. Approval is granted to Bhartiya Vidya Bhavan as an Institution for the purposes of clause (ii) of sub section (1) of section 35 of the Income tax Act, subject to conditions: maintain a separate account for sums received for scientific research; furnish an annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31 May each year; and submit audited annual accounts showing income, expenditure, assets and liabilities to specified tax and departmental authorities by 30 June each year.
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 section 35(1)(ii) requires separate research accounts and annual audited returns to authorities.
Approval is granted to Bhartiya Vidya Bhavan as an Institution for the purposes of clause (ii) of sub section (1) of section 35 of the Income tax Act, subject to conditions: maintain a separate account for sums received for scientific research; furnish an annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31 May each year; and submit audited annual accounts showing income, expenditure, assets and liabilities to specified tax and departmental authorities by 30 June each year.
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