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Scientific Research Foundation, Bangalore u/s 35(1)(ii) of t


 Notice Date : 26 October 2009

Scientific Research Foundation, Bangalore u/s 35(1)(ii) of the Income-tax Act, 1961

Notification No. 79/2009

Dated, 26-10-2009

 

It is hereby notified for general information (hat the organization Vittal Mallya Scientific Research Foundation, Bangalore, 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), from Assessment year 2007-08 onwards 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 separate books of accounts in respect of the sums received by it for scientific research, reflect therein the amounts used for carrying out research, 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 he report of audit referred to above.

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

(a)  fails to maintain separate 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 activity s 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. 203/109/2008/ITA-II]

 

 

 

Rajiv
on 28 October 2009
Published in Income Tax
Source : ,










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