Organization K.J. Research Foundation, Chennai has been approved u/s 35(1)(ii) - 83/2008 - Income Tax

Organization K.J. Research Foundation, Chennai has been approved u/s 35(1)(ii) Notification No.83 /2008 File No.203/66/2007/ITA-II Dated 12/8/2008 It is hereby notified for general information that the organization K.J. Research Foundation, Chennai 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 5D of the Income-tax Rules, 1962 (said Rules) with effect from 1.4.2006 in the category of 'scientific research association' subject to the following conditions namely:- (i) The sole objective of the approved 'scientific research association' shall be to undertake scientific research; (ii) The approved organization shall carry out the scientific research activity by itself; (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. 3. 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 donations received and amounts applied for scientific research referred to in subparagraph (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 5D of the said Rules. Sd/- (Renu Jauhri) Director (ITA.II)