Section 35AC - Eligible projects or schemes - M/s. Nissan Ashok Leyland Technologies Ltd., Khivaraj Complex II, 4th Floor, 477-482, Anna Salai, Nandanam - Chennai - S.O. 1432 - Income Tax

Section 35 - Eligible projects or schemes - M/s. Nissan Ashok Leyland Technologies Ltd., Khivaraj Complex II, 4th Floor, 477-482, Anna Salai, Nandanam - Chennai Dated 22-2-2010 S.O. 1432.- It is hereby notified for general information that the company M/s. Nissan Ashok Leyland Technologies Ltd., Khivaraj Complex II, 4th Floor, 477-482, Anna Salai, Nandanam, Chennai 600 035, (already granted recognition for its in-housc R D units by the Ministry of Science and Technology, Government of India, New Delhi vide their order dated August 28, 2009 in F. No. TU-IV/7RDI/2904/2009 rill March 31, 2012), has been approved for the purpose of clause (iia) of sub-section (1) of section 35 of the Income-tax Act, 1961 , ( said Act ) read with rule 5F of the Income-tax Rules, 1962 ( said Rules ), for the assessment years 2010-11 to 2012-13 in the category of other Institution , engaged in research activities, subject to the following conditions, namely :- (a) The sum paid to the above approved company shall be used for scientific research ; (b) The applicant company shall carry on scientific research through its own employees using its own assets ; (c)The company approved under clause (iia) of sub-section (1) of section 35 shall maintain separate books of account in respect of the sums received by it for scientific research, reflect therein the amounts used for carrying on research, get such books of account 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 ; (d) The approved company shall maintain a separate statement of donations received and amounts used for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to in sub-rule (3); (e) Subsequent to the approval, the company shall every year, by the due date of furnishing the return of income under sub-section (1) of section 139 , furnish a statement to the Commissioner of Income-tax, containing the following information, namely: - (i) a detailed rote on the research work undertaken by it during the previous year ; (ii) a summary of research articles published in national or international journals during the year ; (iii) any patents or other similar right applied for or registered during the year ; (iv) programme of research projects to be undertaken during the forthcoming year and the financial allocation for such projects ; (f) If the Commissioner of Income-tax is satisfied that the company - (i) is not maintaining separate books of account for research activities, or (ii) has failed to furnish its audit report, or (iii) has not furnished the statement of the sums received and the sums used for research, or a statement referred to in sub-clause (e), or (iv) has ceased to carry on its research activities or its activities are not genuine, or (v) is not fulfilling the conditions, subject to which the approval was granted to it, he may after making appropriate enquiries, furnish a report on the circumstances referred to in sub-clauses (i) to (v) to the jurisdictional Chief Commissioner of Income-tax within six months from the date of furnishing the return of income under sub-section (1) of section 139 . The above approval may be withdrawn under rule 5F(2)(j) , if any of the above conditions in (a) to (e) of rule 5F is not satisfied or on receipt of the CIT's report as per rule 5F(3)(f) .