U/s 35(1) (ii) of IT Act 1961 Central Government approved for organization M/s Institute for Stem Cell Biology and Regenerative Medicine, Bangalore - 81/2017 - Income Tax

Government of India Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes) Notification No. 81/2017 New Delhi, the 28 th August 2017 S.O. - It is hereby notified for general information that the organization M/s Institute for Stem Cell Biology and Regenerative Medicine, Bangalore (PAN:- AAATI7342D) has been approved by the Central Government for the purpose of clause (ii) of sub-section (I) 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), for Assessment year 2016-2017 and onwards in the category of 'Scientific Research Association ', subject to the following conditions, namely:- (i) The sole objective of the approved 'organization' shall be to undertake scientific research; (ii) The approved organization shall carry out scientific research by itself; (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. 2. The Central Government shall withdraw the approval if the approved organization:- (a) fails to maintain separate books of accounts referred to in sub-paragraph (iii) of paragraph I; or (b) fails to furnish its audit report referred to in sub-paragraph (iii) of paragraph I; or (c) fails to furnish it's statement of the donations received and sums applied for scientific research referred to in sub-paragraph (iv) of paragraph I; 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 (I) of section 35 of the said Act read with Rules 5C and 5D o of the said Rules . ( F.No.203/29/20 16/ITA-II)) (Ankita Pandey) Under Secretary to Government of India