Section 35(1)(ii) research approval: institute must maintain separate research accounts, file annual returns and audited accounts. Vasantdada Sugar Institute, Pune is approved as an institution under the research-expense provision of the Income-tax Act for 1 April 1991-31 March 1992, subject to maintaining a separate account for research receipts, filing annual research returns to the Secretary, Department of Scientific and Industrial Research by 31 May, and submitting audited annual accounts to the Director-General of Income-tax (Exemptions), the Secretary, Department of Scientific and Industrial Research, and the relevant Commissioner/Director of Income-tax (Exemptions) by 30 June. The notification also prescribes procedures for applying for extension of approval.
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Provisions expressly mentioned in the judgment/order text.
Section 35(1)(ii) research approval: institute must maintain separate research accounts, file annual returns and audited accounts.
Vasantdada Sugar Institute, Pune is approved as an institution under the research-expense provision of the Income-tax Act for 1 April 1991-31 March 1992, subject to maintaining a separate account for research receipts, filing annual research returns to the Secretary, Department of Scientific and Industrial Research by 31 May, and submitting audited annual accounts to the Director-General of Income-tax (Exemptions), the Secretary, Department of Scientific and Industrial Research, and the relevant Commissioner/Director of Income-tax (Exemptions) by 30 June. The notification also prescribes procedures for applying for extension of approval.
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