Institution approval under section 35(1)(ii) requires separate research accounts, annual audited reports, and submission to specified authorities yearly. Approval is granted to Rajiv Gandhi Foundation as an Institution under clause (ii) of sub section (1) of section 35, subject to conditions: maintain a separate account for sums received for scientific research; furnish an annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31st May annually; and submit audited annual accounts showing income, expenditure, assets and liabilities 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 30th June each year.
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Provisions expressly mentioned in the judgment/order text.
Institution approval under section 35(1)(ii) requires separate research accounts, annual audited reports, and submission to specified authorities yearly.
Approval is granted to Rajiv Gandhi Foundation as an Institution under clause (ii) of sub section (1) of section 35, subject to conditions: maintain a separate account for sums received for scientific research; furnish an annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31st May annually; and submit audited annual accounts showing income, expenditure, assets and liabilities 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 30th June each year.
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