Research expenditure exemption granted to institute subject to audit, separate accounts, and certified donations statement. Approval under section 35(1)(ii) recognizes Central Manufacturing Technology Institute, Bangalore as an eligible institution for funds applied to scientific research from assessment year 2011-12, subject to conditions: research must be conducted by faculty or enrolled students; separate books for research receipts and expenditures must be maintained and audited by a qualified accountant; the audit report and a certified statement of donations and amounts applied for research must be furnished to the income-tax authority by the return due date.
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 granted to institute subject to audit, separate accounts, and certified donations statement.
Approval under section 35(1)(ii) recognizes Central Manufacturing Technology Institute, Bangalore as an eligible institution for funds applied to scientific research from assessment year 2011-12, subject to conditions: research must be conducted by faculty or enrolled students; separate books for research receipts and expenditures must be maintained and audited by a qualified accountant; the audit report and a certified statement of donations and amounts applied for research must be furnished to the income-tax authority by the return due date.
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