Amendment of section 35

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.... inserted; (ii) in sub-section (2AB),- (a) in clause (3), for the words "for audit of accounts maintained for that facility", the words "fulfils such conditions with regard to maintenance of accounts and audit thereof and furnishing of reports in such manner as may be prescribed" shall be substituted; (b) in clause (4), after the words "approval of the said facility to the", the words "Principa....

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.... for deduction under clause (1) of the said sub-section (2AB) unless it enters into an agreement with the prescribed authority for cooperation in such research and development facility and for audit of the accounts maintained for that facility. It is proposed to amend clause (3) of sub-section (2AB) of the said section to provide that no company shall be entitled for deduction under clause (1) of....