Research association approval under section 35(1)(ii): status granted with conditions on separate accounts and annual returns. Approval is granted to Eye Research Centre, Madras as a scientific research association for purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, subject to conditions: maintain a separate account for research receipts; furnish annual returns of scientific research activities to the Council by 31st May in the prescribed form; and furnish a copy of the annual audited statement of accounts to the Council by 31st May and also send a copy to the concerned Income-tax Commissioner. The notification is effective for the one-year period from 23-11-1980 to 22-11-1981.
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Provisions expressly mentioned in the judgment/order text.
Research association approval under section 35(1)(ii): status granted with conditions on separate accounts and annual returns.
Approval is granted to Eye Research Centre, Madras as a scientific research association for purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, subject to conditions: maintain a separate account for research receipts; furnish annual returns of scientific research activities to the Council by 31st May in the prescribed form; and furnish a copy of the annual audited statement of accounts to the Council by 31st May and also send a copy to the concerned Income-tax Commissioner. The notification is effective for the one-year period from 23-11-1980 to 22-11-1981.
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