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of <h1>Madras School of Economics Approved for Research Expenditure Under IT Act Section 35(1)(iii) from 2009-2010.</h1> The Central Government has approved the Madras School of Economics in Chennai for scientific research expenditure under section 35(1)(iii) of the Income-tax Act, 1961, effective from the 2009-2010 assessment year. The approval is contingent upon conditions including the use of funds for social sciences research, maintaining separate audited accounts for research funds, and providing certified statements of donations and their application. Failure to meet these conditions, such as maintaining proper accounts or continuing genuine research activities, may result in the withdrawal of approval.
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