For the purpose of Section 35(1)(ii) - organization Indian Institute of Science, Bangalore has been approved - 241/2007 - Income Tax

For the purpose of Section 35(1)(ii) - organization Indian Institute of Science, Bangalore has been approved NOTIFICATION NO. 241/2007, DATED 30-8-2007 It is hereby notified for general information that the organization Indian Institute of Science, Bangalore 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 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1-4-2004 in the category of 'University', 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 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 subparagraph (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 rules 5C and 5E of the said Rules. [F. No. 203/22/2006-ITA-II]