Research expenditure exemption conditioned on use for scientific research, audited accounts, and certified donation statements. Kelkar Education Trust is approved as an Other Institution for exemption under clause (ii) of subsection (1) of section 35 from assessment year 2010-11 onward, provided donations are used solely for scientific research conducted by faculty or enrolled students, separate books for research funds are maintained and audited by a qualified accountant with the audit report and a certified statement of donations and application furnished to the tax authorities by the return due date; approval may be withdrawn for failures in accounting, audit, certification, genuine research activity, or compliance with the statutory rules.
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Provisions expressly mentioned in the judgment/order text.
Research expenditure exemption conditioned on use for scientific research, audited accounts, and certified donation statements.
Kelkar Education Trust is approved as an Other Institution for exemption under clause (ii) of subsection (1) of section 35 from assessment year 2010-11 onward, provided donations are used solely for scientific research conducted by faculty or enrolled students, separate books for research funds are maintained and audited by a qualified accountant with the audit report and a certified statement of donations and application furnished to the tax authorities by the return due date; approval may be withdrawn for failures in accounting, audit, certification, genuine research activity, or compliance with the statutory rules.
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