Notification: S.O.602
Section(s) Referred: 35 ,35(1) ,35(1)(ii)
Statute: INCOME TAX
Date of Issue: 19/11/1986
In continuation of this Office Notification No. 5869 (F. No. 203/46/83-ITA-II) dated 25-6-84, it is hereby notified for general information that the Institution mentioned below has been approved by the Department of Scientific & Industrial Research, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 (Thirty-five/one/two) of the Income-tax Act, 1961, read with rule 6 of the Income-tax Rules, 1962, under the category ” Association ” subject to the following conditions :—
(i) That the Hexamar Agricultural Research and Development Foundation, Bombay, will maintain a separate account of the sums received by it for scientific research.
(ii) That the said Association 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 Association will submit to the prescribed authority by 30th June, each year, a copy of its audited annual accounts showing its 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 Association will apply to the Central Board of Direct Taxes, Ministry of Finance (Department or 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.
(v) It will take substantial steps towards the increase of research activities and the utilisation of 50 per cent. of the corpus available with them before accepting further sums for research.
Institution
” Hexamar Agricultural Research and Development Foundation, Hexamar House, Sayani Road, Bombay-400 025. “
This notification is effective for a period from 1-1-1986 to 31-3-1988.
[No. 7015 (F. No. 203/229/85-ITA II)]
