Research institution approval under section 35(1) requires separate research accounts and annual audited submissions to authorities. Approval is granted to M/s. Medical Research Centre of Bombay Hospital Trust as an Institution under clause (iii) of sub section (1) of section 35 of the Income tax Act, 1961, subject to maintaining separate books for research and filing an annual return of scientific research activities with the Secretary, Department of Scientific & Industrial Research by 31 May. The institution must also submit copies of audited annual accounts and audited income & expenditure accounts for research activities to designated tax and scientific authorities by 31 October each year and apply in triplicate for renewal.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval under section 35(1) requires separate research accounts and annual audited submissions to authorities.
Approval is granted to M/s. Medical Research Centre of Bombay Hospital Trust as an Institution under clause (iii) of sub section (1) of section 35 of the Income tax Act, 1961, subject to maintaining separate books for research and filing an annual return of scientific research activities with the Secretary, Department of Scientific & Industrial Research by 31 May. The institution must also submit copies of audited annual accounts and audited income & expenditure accounts for research activities to designated tax and scientific authorities by 31 October each year and apply in triplicate for renewal.
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