Approval under section 35(1)(iii): institute subject to separate research accounts, annual returns and audited accounts submission. Approval is granted to The Kuppuswami Sastri Research Institute as an Institution under clause (iii) of sub-section (1) of section 35 of the Income-tax Act, subject to maintaining separate accounts for research receipts, furnishing annual research returns to the Secretary, Department of Scientific and Industrial Research by 31st May each year, and submitting audited annual accounts to the Director-General of Income-tax (Exemptions), the Secretary, Department of Scientific and Industrial Research, and the local Commissioner/Director of Income-tax (Exemptions) by 30th June each year; the approval is time-limited and renewable by application.
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Provisions expressly mentioned in the judgment/order text.
Approval under section 35(1)(iii): institute subject to separate research accounts, annual returns and audited accounts submission.
Approval is granted to The Kuppuswami Sastri Research Institute as an Institution under clause (iii) of sub-section (1) of section 35 of the Income-tax Act, subject to maintaining separate accounts for research receipts, furnishing annual research returns to the Secretary, Department of Scientific and Industrial Research by 31st May each year, and submitting audited annual accounts to the Director-General of Income-tax (Exemptions), the Secretary, Department of Scientific and Industrial Research, and the local Commissioner/Director of Income-tax (Exemptions) by 30th June each year; the approval is time-limited and renewable by application.
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