Approved institution status requires separate research accounts and annual audited returns filed with prescribed authority and tax commissioner. Approval granted to Mangalam, Lucknow as an approved institution under clause (ii) of sub section (1) of section 35 requires maintenance of a separate account for research receipts, annual returns of scientific research activities to the prescribed authority by 30th April each year, and submission of audited annual accounts and balance sheet to the prescribed authority with copies to the Commissioner of Income tax for every financial year.
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Provisions expressly mentioned in the judgment/order text.
Approved institution status requires separate research accounts and annual audited returns filed with prescribed authority and tax commissioner.
Approval granted to Mangalam, Lucknow as an approved institution under clause (ii) of sub section (1) of section 35 requires maintenance of a separate account for research receipts, annual returns of scientific research activities to the prescribed authority by 30th April each year, and submission of audited annual accounts and balance sheet to the prescribed authority with copies to the Commissioner of Income tax for every financial year.
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