Research institution approval under section 35 enables tax-exemption subject to accounting, reporting, and audited-account compliance. Approval is granted to M/s ITC Sangeet Research Academy as an institution for research-related tax exemption, conditional on maintaining separate books of account for research, filing an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by the annual deadline, and submitting audited annual accounts and audited income-and-expenditure accounts for the research activities to the Director General of Income Tax (Exemptions), the Secretary, DSIR, and the Commissioner/Director of Income Tax (Exemptions) having jurisdiction, in addition to filing the income-tax return with the designated assessing officer.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval under section 35 enables tax-exemption subject to accounting, reporting, and audited-account compliance.
Approval is granted to M/s ITC Sangeet Research Academy as an institution for research-related tax exemption, conditional on maintaining separate books of account for research, filing an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by the annual deadline, and submitting audited annual accounts and audited income-and-expenditure accounts for the research activities to the Director General of Income Tax (Exemptions), the Secretary, DSIR, and the Commissioner/Director of Income Tax (Exemptions) having jurisdiction, in addition to filing the income-tax return with the designated assessing officer.
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