Research institution approval requires separate research accounts, annual returns, and audited accounts filed with authorities within prescribed timelines. Approval is granted to The Bombay Textile Research Association as a research institution for tax purposes, conditional on maintaining a separate account for research receipts, filing annual returns of research activities to the Department of Scientific and Industrial Research by the prescribed date, and submitting audited annual accounts showing income, expenditure, assets and liabilities to the Director General of Income tax (Exemptions), the Secretary, DSIR, and the local Commissioner/Director of Income tax (Exemptions) by the prescribed annual deadline; the notification specifies the approval period and sets out the procedure for applying for extension.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval requires separate research accounts, annual returns, and audited accounts filed with authorities within prescribed timelines.
Approval is granted to The Bombay Textile Research Association as a research institution for tax purposes, conditional on maintaining a separate account for research receipts, filing annual returns of research activities to the Department of Scientific and Industrial Research by the prescribed date, and submitting audited annual accounts showing income, expenditure, assets and liabilities to the Director General of Income tax (Exemptions), the Secretary, DSIR, and the local Commissioner/Director of Income tax (Exemptions) by the prescribed annual deadline; the notification specifies the approval period and sets out the procedure for applying for extension.
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