2007

TG Team
| Income Tax - Notifications- Notifications/Circulars
28 Mar 2007
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NOTIFICATION NO. 92/2007, DATED 28-3-2007

It is hereby notified for general information that the organization Shri Vile Parle Kelavani Mandal’s Shri C.B. Patel Research Centre for Chemistry & Biological Sciences, Mumbai 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 5D of the Income-tax Rules, 1962 (said Rules) with effect from 1-4-2002 in the category of ‘other Institution’, partly engaged in research activities subject to the following conditions, namely:-

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;

The approved organization shall maintain books of account 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;
The 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.

2. The Central Government shall withdraw the approval if the approved organization:-

( a) fails to maintain books of account referred to in sub-paragraph (iii) of paragraph 1; or

( b) fails to furnish its audit report referred to in sub-paragraph (iii) of paragraph 1; or

( c) fails to furnish its statement of donations received and sums applied for scientific research referred to in sub-paragraph (iv) of paragraph 1; or

( d) ceases to carry on its research activities or its research activities are not found to be genuine; or

( e) ceases to conform to and comply with the provisions of clause (ii) of sub-section (1) of section 35 of the said Act read with rules 5C and 5D of the said Rules.

[F.No.203/39/2006/ITA-II]

Tags: Income Tax Notifications