Research institution approval requires separate research accounts and annual audited returns to the prescribed authority and tax commissioner. The Petroleum Conservation Research Association, New Delhi, is approved as an approved institution for research under the Income-tax framework on condition that it maintains a separate account for research sums, furnishes annual returns of scientific research activities to the prescribed authority in prescribed forms by the annual deadline, and submits its audited annual accounts and balance sheet to the prescribed authority and the concerned tax commissioner within the prescribed annual timeline; the approval is effective for the period stated in the notification.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval requires separate research accounts and annual audited returns to the prescribed authority and tax commissioner.
The Petroleum Conservation Research Association, New Delhi, is approved as an approved institution for research under the Income-tax framework on condition that it maintains a separate account for research sums, furnishes annual returns of scientific research activities to the prescribed authority in prescribed forms by the annual deadline, and submits its audited annual accounts and balance sheet to the prescribed authority and the concerned tax commissioner within the prescribed annual timeline; the approval is effective for the period stated in the notification.
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