SECTION
35(1)(ii) OF THE INCOME-TAX ACT, 1961 - SCIENTIFIC RESEARCH EXPENDITURE
- APPROVED SCIENTIFIC RESEARCH ASSOCIATIONS/INSTITUTIONS - INDIAN
INSTITUTE OF TECHNOLOGY (BHU), VARANASI
NOTIFICATION NO. 22/2015 [F. NO. 203/07/2014/ITA-II], DATED 13-3-2015
It is hereby notified for general information that the organization
Indian Institute of Technology (BHU), Varanasi (PAN - AAAJI0396R) 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),
from Assessment year
2014-2015 and onwards in the category of
"University College and other Institution", 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 separate books of accounts in
respect of the sums received by it for scientific research, reflect
therein the amounts used for carrying out research, 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 separate books of accounts as referred to in sub-paragraph (iii) of paragraph 1; or |
| (b) | | fails to furnish its audit report as 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 as 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. |