Exemption under section 35(1)(ii) confirmed for a medical research institution following prescribed authority approval, effective retrospectively. The Indian Council of Medical Research approved Vakil Institute of Cardiology and Research Centre, Bombay, for the purposes of clause (ii) of sub section (1) of section 35 of the Income-tax Act, enabling the institution to qualify for the statutory tax exemption on research expenditure; the notification declares that this approval takes effect from 1 4 1973.
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Provisions expressly mentioned in the judgment/order text.
Exemption under section 35(1)(ii) confirmed for a medical research institution following prescribed authority approval, effective retrospectively.
The Indian Council of Medical Research approved Vakil Institute of Cardiology and Research Centre, Bombay, for the purposes of clause (ii) of sub section (1) of section 35 of the Income-tax Act, enabling the institution to qualify for the statutory tax exemption on research expenditure; the notification declares that this approval takes effect from 1 4 1973.
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