Tax exemption under section 35 requires exclusive use for research and annual reporting and accounting obligations for approved institutions. Approval to Krishnamurti Foundation India, Madras under clause (iii) of sub section (1) of section 35 of the Income tax Act is subject to conditions: funds obtained under the exemption must be used exclusively for promotion of social science research; separate accounts must be maintained for those funds; and annual statements of accounts and annual reports showing funds collected under the exemption and their utilisation must be sent to the prescribed authority and the Commissioner of Income tax. The approval is effective from 1 April 1979 to 31 March 1982.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 35 requires exclusive use for research and annual reporting and accounting obligations for approved institutions.
Approval to Krishnamurti Foundation India, Madras under clause (iii) of sub section (1) of section 35 of the Income tax Act is subject to conditions: funds obtained under the exemption must be used exclusively for promotion of social science research; separate accounts must be maintained for those funds; and annual statements of accounts and annual reports showing funds collected under the exemption and their utilisation must be sent to the prescribed authority and the Commissioner of Income tax. The approval is effective from 1 April 1979 to 31 March 1982.
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