Approval under section 35(1)(ii): institution must keep separate research accounts and file annual returns and audited accounts. Approval is granted to Amul Research and Development Association as an Institution for purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, subject to conditions: maintain a separate account for scientific research receipts; furnish annual returns of research activities to the Department of Scientific and Industrial Research by 31st May each year; and submit audited annual accounts showing income, expenditure, assets and liabilities by 30th June each year to the Director-General of Income-tax (Exemptions), the Department Secretary and the relevant income-tax authority.
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Provisions expressly mentioned in the judgment/order text.
Approval under section 35(1)(ii): institution must keep separate research accounts and file annual returns and audited accounts.
Approval is granted to Amul Research and Development Association as an Institution for purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, subject to conditions: maintain a separate account for scientific research receipts; furnish annual returns of research activities to the Department of Scientific and Industrial Research by 31st May each year; and submit audited annual accounts showing income, expenditure, assets and liabilities by 30th June each year to the Director-General of Income-tax (Exemptions), the Department Secretary and the relevant income-tax authority.
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