NOTIFICATION NO. 291/2007,
It is hereby notified for general information that the organization Surat Raktadan Kendra & Research Centre, Surat has been approved by the Central Government for 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), with effect from 1.4.2005 in the category of ‘other institution’, partly engaged in research activities, subject to the following conditions, namely:-
(i) The sums paid to the approved organization shall be utilized for scientific research;
The approved organization shall carry out scientific research through its faculty members or its enrolled students;
(iii) The approved organization shall maintain books of accounts and get such books audited by an accountant as defined in the explanation to sub-section (2) of section 288 of the said Act and furnish the report of such audit duly signed and verified by such accountant to the Commissioner of Income-tax or the Director of Income-tax having jurisdiction over the case, by the due date of furnishing the return of income under sub-section (1) of section 139 of the said Act;
(iv) The approved organization shall maintain a separate 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.
The Central Government shall withdraw the approval if the approved organization:-