Research expenditure exemption approved; funds must be used for scientific research with audit and reporting conditions. Approval for exemption of research expenditure is subject to conditions: sums received must be utilised for scientific research carried out by faculty or enrolled students; separate books of account for research receipts and expenditures must be maintained and audited by a qualified accountant; the audit report must be furnished to the tax authorities by the income-tax return due date; and a separate auditor-certified statement of donations and amounts applied to research must accompany the audit report.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Research expenditure exemption approved; funds must be used for scientific research with audit and reporting conditions.
Approval for exemption of research expenditure is subject to conditions: sums received must be utilised for scientific research carried out by faculty or enrolled students; separate books of account for research receipts and expenditures must be maintained and audited by a qualified accountant; the audit report must be furnished to the tax authorities by the income-tax return due date; and a separate auditor-certified statement of donations and amounts applied to research must accompany the audit report.
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