Section(s) Referred: 35, 35(1), 35(1)(iii)
Statute: INCOME TAX
Date of Issue: 11/3/1986
It is hereby notified for general information that the approval granted under section 10(2)(xviii) of the Indian Income-tax Act, 1922, to the National Council of Applied Economic Research, New Delhi, vide Ministry of Finance Notification No. 2742, dated 19-11-1956, is hereby superseded and converted into time-bound approval under section 35(1)(iii) of the Income-tax Act, 1961. This approval in the category of “Institution” is valid up to 31-3-1987. During the period of approval, the Institution will be subject to the following conditions :
(i) That the National Council of Applied Economic Research, New Delhi, will maintain a separate account of the sums received by
it for scientific research.
(ii) That the said Institute will furnish annual returns of its scientific research activities to the prescribed authority for every financial year in such forms as may be laid down and intimated to them for this purpose by 30th April, each year.
(iii) That the said Institute will submit to the prescribed authority by 30th June, each year, a copy of their audited annual accounts showing their total income and expenditure and balance-sheet showing its assets and liabilities with a copy of each of these documents to the concerned Commissioner of Income-tax.
(iv) That the said Institute will apply to the Central Board of Direct Taxes, Ministry of Finance (Department of Revenue), New Delhi, three months in advance before the expiry of the approval for further extension. Applications received after the date of expiry of approval are liable to be rejected.
[No. 6616/F. No. 203/47/86-ITA. II