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of <h1>Central Manufacturing Technology Institute Gains Tax Exemption for Scientific Research under Section 35(1)(ii) from 2011-12 Onward</h1> The Central Manufacturing Technology Institute in Bangalore has been approved by the Central Government for tax exemption under section 35(1)(ii) of the Income-tax Act, 1961, effective from the 2011-12 assessment year. This approval is contingent upon the organization utilizing funds exclusively for scientific research, conducted by faculty or students, maintaining separate audited accounts for such funds, and providing certified statements of donations and expenditures. The government reserves the right to withdraw approval if the organization fails to meet these conditions, ceases genuine research activities, or does not comply with relevant provisions of the Act and Rules.
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