Notification No. 17/2015 [F.No. 203/06/2014-ITA.II]

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TO BE PUBLISHED IN PART II, SUB-SECTION (ii) OF SECTION 3 OF THE GAZETTE OF INDIA)
————< Ministry of Finance (Department of Revenue)
(Central Board of Direct Taxes)
New Delhi, the /7 February, 2015
Notification

S.O. 1. It is hereby notified for general information that the organization Academy of Scientific and Innovative

Research (AcSIR), New Delhi(PAN - AAALA1352P)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:-

(1) 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.
(Rich by

Under Secretary to the Govt. of India

Notification no 17/2015 (F.No.203/06/2014/ITA-IT)

To
The Manager,

Govt. of India Press,
Mayapuri, New Delhi

Copy forwarded to:

1. The applicant organization “Academy of Scientific and Innovative Research (AcSIR)” New Delhi

2 The Chief Commissioner of Income Tax (Exemption), New Delhi.

33 Comptroller & Auditor General of India.

4, CIT (E), New Delhi “\

5; Concerned File \ \

6. Ministry of Law & Justice (Correction Section), New Delhi. \

Y/ _ DIT (Systems), New Deli, for placing on the websiie incometaxindia.gov.in

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