For the purpose of Section 35(1)(ii) - organization The South India Textile Research Association, Coimbatore has been approved - 274/2007 - Income Tax

For the purpose of Section 35(1)(ii) - organization The South India Textile Research Association, Coimbatore has been approved NOTIFICATION NO. 274/2007, DATED 16-11-2007 It is hereby notified for general information that the organization The South India Textile Research Association, Coimbatore 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 1-4-2002 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 on the scientific research activity by itself; ( 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 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 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 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. [F. No. 203/43/2006/ITA-II]