Research approval under section 35(1)(ii) granted subject to separate research accounts, annual return and audited accounts submission. Approval is granted to M. L. Shah Research Foundation under clause (ii) of sub section (1) of section 35 of the Income tax Act, conditioned on maintaining separate accounts for scientific research, furnishing an annual return of research activities to the Department of Scientific and Industrial Research by 31st May, and submitting audited annual accounts showing income, expenditure, assets and liabilities to the Director General of Income tax (Exemptions), the Department Secretary, and the jurisdictional Commissioner/Director by 30th June each year.
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Provisions expressly mentioned in the judgment/order text.
Research approval under section 35(1)(ii) granted subject to separate research accounts, annual return and audited accounts submission.
Approval is granted to M. L. Shah Research Foundation under clause (ii) of sub section (1) of section 35 of the Income tax Act, conditioned on maintaining separate accounts for scientific research, furnishing an annual return of research activities to the Department of Scientific and Industrial Research by 31st May, and submitting audited annual accounts showing income, expenditure, assets and liabilities to the Director General of Income tax (Exemptions), the Department Secretary, and the jurisdictional Commissioner/Director by 30th June each year.
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