Exemption u/s 35(1) - Scientific research expenditure - Central Manufacturing Technology Institute, Bangalore.

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....r the purpose of clause (ii) 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 2011-12 onwards in the category of 'Other Institution', engaged in research activities subject to the following conditions, namely:- (i) The sums paid to the approved organization shall be utilized for sci....

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.... statement of donations received and amounts applied for scientific research 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 account referred to in sub-paragraph (iii) of paragraph 1; or (b) fails to furn....