Section(s) Referred: 35 ,35(1) ,35(1)(iii)
Statute: INCOME TAX
Date of Issue: 13/11/1987
It is hereby notified for general information that the perpetual approval granted to Indian Econometric Society, Hyderabad–500 007, under clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961, vide Ministry of Finance, Department of Revenue, Notification No. 973/F. No. 203/72/75–ITA. II, dated 19-7-75, is hereby converted into time-bound approval valid upto 31-3-89 subject to the following conditions :—
(i) That the Indian Econometric Society, Hyderabad, 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 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 Institution will apply to the Central Board of Direct Taxes, Ministry of Finance (Department of Revenue), New Delhi, 3 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 Econometric Society, Hyderabad.
[No. 7613/F. No. 203/199/87—ITA. II]