Section(s) Referred: 35, 35(1), 35(1)(iii)
Statute: INCOME TAX
Date of Issue: 21/3/1986
It is hereby notified for general information that the Institution mentioned below has been approved by the Department of Scientific & Industrial Research, New Delhi, the prescribed authority for the purposes of clause (iii) of sub-section (1) of section 35 (Thirty-five/one/three) of the Income-tax Act, 1961, read with rule 6 of the Income-tax Rules, 1962, under the category “Institution” subject to the following conditions :—
(i) That the Indian Institute of Management, Bangalore, will maintain a separate account of the sums received by it for scientific research.
(ii) That the said Institute 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 Institute 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.
(iv) That the said Institute will apply to the Central Board of Direct Taxes, Ministry of Finance (Department of Revenue), New Delhi, three months in advance before the expiry of the approval for further extension. Applications received after the date of expiry of approval are liable to be rejected.
“Indian Institute of Management, Bannerghatta Road, Bangalore-560 076.”
This notification is effective for the period from 9-10-1985 to 31-3-1987.
[No. 6627/F. No. 203/216/85-ITA-II