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Central Government has issued a notification (S.O.3060) granting tax-exempt status to the Vanaspathi Manufactures Association Oilseeds Research and Development Institute (VMA), located in Bombay, under Section 35(1)(ii) of the Income-tax Act, 1961. This approval is valid for the period from December 1, 1983, to December 31, 1984, and supports the institution’s scientific research in oilseeds. As per the terms, VMA must maintain separate accounts for funds received for research purposes. Additionally, the institute is required to submit an annual report detailing its scientific research activities to the designated authority by April 30 each year. By June 30 each year, VMA must also provide its audited financial statements, including income, expenditure, and balance sheets, to the prescribed authority and the relevant Commissioner of Income Tax. This notification, issued on August 9, 1984, continues a prior directive (No. 4785) from July 7, 1982, endorsing the institution’s research contributions through tax incentives.
Notification: S.O.3060
Section(s) Referred: 35 ,35(1) ,35(1)(ii)
Statute: INCOME TAX
Date of Issue: 9/8/1984
In continuation of this office Notification No. 4785 (F. No. 203/19/80-ITA-II), dated 7-7-1982, 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 “Institution” subject to the following conditions :–
(i) That the VMA Oilseeds Research and Development Institute, Bombay, will maintain a separate account of the sums received by it for scientific research.
(ii) That the said Institution 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 Institution will submit to the prescribed authority by 30th June, each year, 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.
Institution
Vanaspathi Manufactures Association Oilseeds Research and Development Institute, Bombay.
This notification is effective for a period from 1-12-1983 to 31-12-1984.
[No. 5937 (F. No. 203/6/84-ITA. II)
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