Exemption under section 35(1)(ii): institution must maintain separate research accounts and file annual returns as prescribed. Approval for income-tax exemption under clause (ii) of sub-section (1) of section 35 is conditional on the University of Agricultural Sciences, Bangalore maintaining a separate account for sums received for scientific research in natural and applied sciences (excluding agriculture, animal husbandry, fisheries and medicines) and furnishing annual returns of its scientific research activities to the prescribed authority in forms as prescribed.
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Provisions expressly mentioned in the judgment/order text.
Exemption under section 35(1)(ii): institution must maintain separate research accounts and file annual returns as prescribed.
Approval for income-tax exemption under clause (ii) of sub-section (1) of section 35 is conditional on the University of Agricultural Sciences, Bangalore maintaining a separate account for sums received for scientific research in natural and applied sciences (excluding agriculture, animal husbandry, fisheries and medicines) and furnishing annual returns of its scientific research activities to the prescribed authority in forms as prescribed.
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