Research institution approval under section 35(1)(ii) requires separate accounts and annual audited filings to specified authorities. Approval is granted to The Gujarat Research and Medical Institute as an Institution under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, subject to maintaining a separate account for scientific research, furnishing an annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31 May each year, and submitting 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 by 30 June each year.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval under section 35(1)(ii) requires separate accounts and annual audited filings to specified authorities.
Approval is granted to The Gujarat Research and Medical Institute as an Institution under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, subject to maintaining a separate account for scientific research, furnishing an annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31 May each year, and submitting 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 by 30 June each year.
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