Section(s) Referred: 35 ,35(1) ,35(1)(ii)
Statute: INCOME TAX
Date of Issue: 16/2/1985
In continuation of this Office Notification No. 4788 (F. No. 203/169/80-ITA-II) dated July 7, 1982, it is hereby notified for general information that the institution mentioned below has been approved by the Department of Science and Technology, New Delhi, the prescribed authority for the purposes 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, under the category ” Insitution ” subject to the following conditions :
(i) That Krishnamurti Foundation India, Madras, will maintain a separate account of the sums received by it for scientific research in the field of natural and applied sciences and solely apply them for research in Centre for application of Micro Processors as outlined in their letter No. 11/2/81 KRI, dated March 13, 1982.
(ii) That the said Foundation 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 Foundation 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.
Krishnamurti Foundation India, Madras.
This notification is effective for a period from June 8, 1984, to June 30, 1985.
[No. 6155-F. No. 203/213/84-ITA-II