Exemption under section 35(1)(ii) - research institution approved by prescribed authority for income tax purposes; notification issued. The Indian Council of Medical Research, as the prescribed authority under clause (ii) of sub section (1) of section 35 of the Income tax Act, has approved K.E.M. Hospital and Seth G.S. Medical College Research Society, Bombay, thereby recognising the institution as eligible for the research expenditure exemption and documenting that approval by official notification.
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Provisions expressly mentioned in the judgment/order text.
Exemption under section 35(1)(ii) - research institution approved by prescribed authority for income tax purposes; notification issued.
The Indian Council of Medical Research, as the prescribed authority under clause (ii) of sub section (1) of section 35 of the Income tax Act, has approved K.E.M. Hospital and Seth G.S. Medical College Research Society, Bombay, thereby recognising the institution as eligible for the research expenditure exemption and documenting that approval by official notification.
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