Research-expenditure approval requires separate research accounts and annual audited submissions to tax and research authorities. Approval was granted to Decospin Research Foundation as an association for the purposes of the research-expenditure provision, conditional on maintaining a separate scientific research account, filing an annual return of scientific research activities with 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, Department of Scientific and Industrial Research and the local tax authority by the annual deadline.
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Provisions expressly mentioned in the judgment/order text.
Research-expenditure approval requires separate research accounts and annual audited submissions to tax and research authorities.
Approval was granted to Decospin Research Foundation as an association for the purposes of the research-expenditure provision, conditional on maintaining a separate scientific research account, filing an annual return of scientific research activities with 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, Department of Scientific and Industrial Research and the local tax authority by the annual deadline.
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