Notification: S.O.1168
Section(s) Referred: 35 ,35(1) ,35(1)(iii)
Statute: INCOME TAX
Date of Issue: 25/1/1982
In continuation of this Office Notification No. 3017/203/80-79-ITA. II, dated 21-9-79, it is hereby notified for general information that the institution mentioned below has been approved by the Indian Council of Social Science Research, the prescribed authority for the purposes of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961, subject to the following conditions :–
(i) That the funds collected by the Consumer Education and Research Centre, under this exemption, shall be utilised exclusively for promotion of research in Social Sciences.
(ii) That the Centre shall maintain a separate account of the funds collected by them under the exemption.
(iii) That the Centre shall send annual statement of accounts and annual report to the ICSSR (Prescribed Authority) as well as to the concerned Commissioner of Income-tax, showing the funds collected by them under the exemption and the manner in which the funds are utilized.
(iv) Any unutilised funds, out of the donations received under section 35(1)(iii) of the Income-tax Act, 1961, will be invested in the manner prescribed in section 13(1)(d) which includes investment in Government Saving Certificates, deposits in Scheduled Bank, investment in U.T.I., deposits with the Public Sector Companies, deposits in Post Office and Government Companies, etc.
Institution
The Consumer Education and Research Centre, Ahmedabad.
This notification is effective for a period of three years from 1-4-1982 to 31-3-1985.
[No. 4439/F. No. 203/202/81-ITA. II
