Section(s) Referred: 35 ,35(1) ,35(1)(ii)
Statute: INCOME TAX
Date of Issue: 9/10/1986
It is hereby notified for general information that the approval granted to the following institutions on perpetual basis under section 35(1)(ii) of the Income-tax Act, 1961, vide Ministry of Finance (Department of Revenue) Notification No. 22 (F. No. 203/11/69-ITA. II) dated 21-3-1969, is hereby converted into time-bound approval valid up to 31-3-1987 subject to the following conditions :–
(i) It will maintain a separate account of the sums received by it for scientific research.
(ii) It will furnish annual returns of its previous year regarding its scientific research activities to the prescribed authority in the prescribed format by 31st May of each year.
(iii) It 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) It will apply to the 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.
(v) In the meantime, they may form the Research Centre as a separate society.
“Medical Research Centre of Bombay Hospital Trust, Bombay.”
[No. 6961 (F. No. 203/203/86-ITA. II)