Research approval grants institutional tax exemption subject to separate accounting, annual audited accounts and returns. Spic Science Foundation, Madras is approved as an institution for the tax provision on research expenditure, on condition that it maintains a separate account for research receipts, files annual scientific-activity returns to the Secretary, Department of Scientific and Industrial Research by 31 May, and submits audited annual accounts to the Director-General of Income-tax (Exemptions), the Secretary, DSIR, and the relevant Commissioner/Director of Income-tax (Exemptions) by 30 June; the approval runs from 1 April 1990 to 31 March 1993 and an extension application should be made through prescribed channels before expiry.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Research approval grants institutional tax exemption subject to separate accounting, annual audited accounts and returns.
Spic Science Foundation, Madras is approved as an institution for the tax provision on research expenditure, on condition that it maintains a separate account for research receipts, files annual scientific-activity returns to the Secretary, Department of Scientific and Industrial Research by 31 May, and submits audited annual accounts to the Director-General of Income-tax (Exemptions), the Secretary, DSIR, and the relevant Commissioner/Director of Income-tax (Exemptions) by 30 June; the approval runs from 1 April 1990 to 31 March 1993 and an extension application should be made through prescribed channels before expiry.
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