NOTIFICATION NO. 324/2006, DATED 15-11-2006
It is hereby notified for general information that the organization M/s. International Advanced Research Centre for Powder Metallurgy and New Materials, (ARC-I),P.O. Balapur, Ranga Reddy Distt, 500 005 (A.P.) 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, read with Rule 6 of the Income tax Rules, 1962 for the period from 1-4-2003 to 31-3-2006 under the category of ‘scientific research association’ (existing solely for research) subject to the following conditions:-
(i) The approved organization shall maintain separate accounts for its research activities.
(ii) For each of the financial years for which this approval is being given, the approved organization shall submit a copy of its audited Income & Expenditure account in respect of the research activities for which it has been approved under sub-section (1) of section 35 of Income-tax Act, 1961 to the Commissioner of Income-tax/Director of Income-tax (Exemptions) having jurisdiction, on or before the due date of filing of return of income or within 90 days from the date of this notification, whichever expires later.
(iii) The approved organization shall also enclose with the Income & Expenditure account referred to in paragraph (ii) above, a certificate from the auditor:-
specifying the amount received by the organization for scientific research in respect of which the donors are eligible to claim deduction under clause (ii) of sub-section (1) of section 35.
Certifying that the expenditure incurred was for scientific research.
[F. No. 203/45/2005-ITA-II]