For the purpose of Section 35(1)(ii) - organization U.N. Mehta Institute of Cardiology & Research Centre, Civil Hospital Campus, Ahmedabad has been approved - 096/2007 - Income Tax

For the purpose of Section 35(1)(ii) - organization U.N. Mehta Institute of Cardiology Research Centre, Civil Hospital Campus, Ahmedabad has been approved NOTIFICATION NO. 96/2007, DATED 28-3-2007 It is hereby notified for general information that the organization U.N. Mehta Institute of Cardiology Research Centre, Civil Hospital Campus, Ahmedabad - 380 016 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 1 [ Rules 5C and 5E ] of the Income-tax Rules, 1962 (said Rules) with effect from 1-4-2001 in the category of 'other Institution, 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; (ii) The approved organization shall carry out scientific research through its faculty members or its enrolled students; (iii) The approved organization shall maintain books of account 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 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 account 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 the donations received and sums 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 1 [ Rules 5C and 5E ] of the said Rules. [F.No.203/44/2005/ITA-II] ******** Notes 1. Corrected vide CORRIGENDUM 226/2007 DATED 14-8-2007 before it was read as rules 5C and 5D