Exemption u/s 35(1)-Scientific research expenditure-Institute for Financial Management and Research, Chennai

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.... by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2009-10 onwards in the category of 'Institution', partly engaged in research activities subject to the following conditions, namely:-- (i) The sums paid to the approved organi....

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....the said Act; (iv) The approved organization shall maintain a separate statement of donations received and amounts applied for research in social science and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above. 2. The Central Government shall withdraw the approval if the approved organization:-- (a) fails to maintain separate books of a....