Section(s) Referred: 35 ,35(1) ,35(1)(ii)
Statute: INCOME TAX
Date of Issue: 13/10/1986
It is hereby notified for general information that the approval granted on perpetual basis under section 35(1)(ii) of the Income-tax Act, 1961, to the following institution, vide Ministry of Finance (Department of Revenue and Insurance) Notification No. 539 (F. No. 203/36/73-ITA.II) dated 7-1-1974, is hereby converted into time-bound (approval) valid up to 31-3-1987, subject to the following conditions :–
(i) That the Jayant Industrial and Scientific Research, Bombay, 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.
“Jayant Industrial and Scientific Research, Bombay.”
[No. 6962 (F. No. 203/204/86-ITA-II)