Prescribes 'Scientific Research Association' under Section 35 of the Income Tax Act, 1961 - 112/2008 - Income Tax

Prescribes 'Scientific Research Association' under Section 35 of the Income Tax Act, 1961 Government of India Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes) New Delhi , the 31 December, 2008 Notification No.112/2008 S.O.84.- It is hereby notified for general information that the organization Centre for Materials for Electronics Technology, Pune, 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 1.4.2007 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. 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 donations received and amounts 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 5D of the said Rules. (Padam Singh) Under Secretary to the Govt. of India (F.No.203/89/2008/ITA-ll) To The Manager, Govt. of India Press, Mayapuri, New Delhi Copy forwarded to 1. The applicant organisation. 2. The Director General of Income Tax (Exemptions), New Delhi 3. Comptroller Auditor General of India. 4. CIT — I, Pune 5. Concerned File 6 Ministry of Law Justice (Correction Section), New Delhi. DIT (Systems), New Delhi, for placing on the website incometaxindia.gov.in 8. Guard file. (Padam Singh) Under Secretary to the Govt. of India