NOTIFICATION NO. 235/2007, DATED 24-8-2007

Last updated: 06 September 2007

Save Share

NOTIFICATION NO. 235/2007, DATED 24-8-2007

It is hereby notified for general information that the organization
Mandke Foundation, Mumbai has been approved by the Central
Government for the purpose of clause (ii) of sub-section (1) of
section 35 of the Income-tax Act, 1961 (said Act), read with Rules
5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect
from 1.4.2003 in the category of 'other Institution', partly engaged
in research activities subject to the following conditions, namely:-

(i) The sums paid to the approved organization shall be utilized
for scientific research;

(ii) The approved organization shall carry out scientific
research through its faculty members or its enrolled students;

(iii) The approved organization shall maintain books of accounts
and get such books audited by an accountant as defined in the
explanation to sub-section (2) of section 288 of the said Act and
furnish the report of such audit duly signed and verified by such
accountant to the Commissioner of Income-tax or the Director of
Income-tax having jurisdiction over the case, by the due date of
furnishing the return of income under sub-section (1) of section 139
of the said Act;

(iv) The approved organization shall maintain a separate statement
of donations received and amounts applied for scientific research
and a copy of such statement duly certified by the auditor shall
accompany the report of audit referred to above.

2. The Central Government shall withdraw the approval if the
approved organization:-

(a) fails to maintain books of accounts referred to in sub-
paragraph (iii) of paragraph 1; or

(b) fails to furnish its audit report referred to in sub-
paragraph (iii) of paragraph 1; or

(c) fails to furnish its statement of the donations received and
sums applied for scientific research referred to in sub- paragraph
(iv) of paragraph 1; or

(d) ceases to carry on its research activities or its research
activities are not found to be genuine; or

(e) ceases to conform to and comply with the provisions of clause
(ii) of sub-section (1) of section 35 of the said Act read with
rules 5C and 5E of the said Rules.

(F.No.203/5/2004/ITA-II)