Research exemption approval under section 35 imposes accountability, reporting and audit obligations for notified research institutions. LPG Equipment Research Centre (LERC) is approved as an Institution under clause (ii) of sub section (1) of section 35, subject to maintaining separate research books of account, furnishing an Annual Return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited Income & Expenditure Account for research to the Director General of Income Tax (Exemptions), the Secretary, DSIR, and the relevant Commissioner/Director of Income Tax by 31 October, plus its income tax return; renewal applications must be filed in triplicate.
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Provisions expressly mentioned in the judgment/order text.
Research exemption approval under section 35 imposes accountability, reporting and audit obligations for notified research institutions.
LPG Equipment Research Centre (LERC) is approved as an Institution under clause (ii) of sub section (1) of section 35, subject to maintaining separate research books of account, furnishing an Annual Return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited Income & Expenditure Account for research to the Director General of Income Tax (Exemptions), the Secretary, DSIR, and the relevant Commissioner/Director of Income Tax by 31 October, plus its income tax return; renewal applications must be filed in triplicate.
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