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Research exemption approval under section 35 requires separate research accounts and annual audited submissions to authorities. Approval under section 35(1)(ii) is conditional on maintaining separate books for research, furnishing an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by the prescribed deadline, and submitting audited annual accounts and audited Income & Expenditure Account for the research activities to the Director General of Income-tax (Exemptions), the Secretary, Department of Scientific & Industrial Research, and the Commissioner/Director of Income-tax (Exemptions), in addition to the institute's income-tax return; renewal applications must be made in triplicate through the tax exemptions authority and sent to the Secretary, DSIR.
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Provisions expressly mentioned in the judgment/order text.
Research exemption approval under section 35 requires separate research accounts and annual audited submissions to authorities.
Approval under section 35(1)(ii) is conditional on maintaining separate books for research, furnishing an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by the prescribed deadline, and submitting audited annual accounts and audited Income & Expenditure Account for the research activities to the Director General of Income-tax (Exemptions), the Secretary, Department of Scientific & Industrial Research, and the Commissioner/Director of Income-tax (Exemptions), in addition to the institute's income-tax return; renewal applications must be made in triplicate through the tax exemptions authority and sent to the Secretary, DSIR.
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