Section(s) Referred: 35 ,35(1) ,35(1)(iii)
Statute: INCOME TAX
Date of Issue: 22/7/1982
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 subsection (1) of section 35 the Income-tax Act, 1961, subject to the following conditions :–
(i) That the funds collected by the Mangalore University, Mangalore, under this exemption shall be utilized exclusively for
promotion of research in Social Sciences.
(ii) That the University shall maintain a separate account of the funds so collected by them under this exemption and shall send to the Council an annual report of its activities along with the statement of accounts regularly showing specifically the funds collected under this exemption and the manner in which these funds are utilized.
(iii) That the University shall submit to the prescribed authority by 30th June, each year, a copy of each of 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) Any unutilized 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 Govt. Saving Certificates, deposit in a Scheduled Bank, investment in U.T.I., deposits with the Public Sector Companies, deposits in Post Office and Govt. Companies, etc.
Mangalore University, Mangalore.
This notification is valid for a period of three years from the date of its issue.
[No. 4821/F. No. 203/156/81-ITA. II]