Approved institution status for research expenditure permits tax-favourable treatment subject to specified accounting and reporting conditions. Krishnamurti Foundation India, Madras is approved as an approved institution for research tax purposes as an 'Association' in natural and applied sciences to apply funds solely to the Centre for Application of Micro Processors, subject to conditions: maintain a separate account for research sums; furnish annual research returns to the Prescribed Authority by 30 April; and submit audited accounts and balance sheet copies to the Prescribed Authority and the Commissioner of Income-tax by 30 June each year. The approval is effective from 8-6-82 to 7-6-84.
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Provisions expressly mentioned in the judgment/order text.
Approved institution status for research expenditure permits tax-favourable treatment subject to specified accounting and reporting conditions.
Krishnamurti Foundation India, Madras is approved as an approved institution for research tax purposes as an "Association" in natural and applied sciences to apply funds solely to the Centre for Application of Micro Processors, subject to conditions: maintain a separate account for research sums; furnish annual research returns to the Prescribed Authority by 30 April; and submit audited accounts and balance sheet copies to the Prescribed Authority and the Commissioner of Income-tax by 30 June each year. The approval is effective from 8-6-82 to 7-6-84.
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