Section 35(1)(ii) of the Income-tax Act, 1961 - Scientific research
expenditure- Approved research
associations/institutions - Approval of Thiagarajar College of Engineering, Madurai as an organization
for purpose of section 35(1)(ii)
Notification No. 100/2009, [F.NO. 203/92/2009/ITA-II), dated 30-12-2009
It is hereby notified for general information that the organization
Thiagarajar College of
Engineering, Madurai 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 2009-2010 onwards in
the category of ‘College’,
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;
-
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 the report of audit referred to above.
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The
Central Government shall withdraw the approval if the approved organization:-
-
-
fails
to maintain separate books of accounts
referred to in sub-paragraph (iii) of paragraph 1;
or
-
fails
to furnish its audit report referred to in sub-paragraph (iii) of paragraph 1; or
-
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
-
ceases
to carry on its research activities or its research activities are not found to be genuine; or
-
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.