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of <h1>Indian Institution of Plant Engineers Loses Tax Exemption u/s 35(1)(ii) of Income-Tax Act, Effective January 1980.</h1> The Indian Institution of Plant Engineers in Madras was approved for an exemption under section 35(1)(ii) of the Income-tax Act, 1961, effective from April 1, 1976. This approval by the Secretary of the Department of Science and Technology required the institution to maintain separate accounts for funds received for scientific research and to submit an annual return of its research activities by April 30 each year. However, this exemption was withdrawn effective January 1, 1980, as per Notification No. S.O.1831 dated April 24, 1980.
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