Notification No. 40/2015[F.No. 203/3/2014/ITA-II]

The text, read by machine from the scan

This is not the department’s typed text. The department published this one as a scanned image of a signed paper, so there is no text in the file to copy. What follows was read off that image by optical character recognition and is reproduced without correction — the mistakes you can see are the machine’s, and there may be others you cannot. It is here so the document can be found and read; it is not a substitute for the file, which is linked below. Do not quote from this page.

(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 15th April, 2015
. Notification

5.0, It is hereby notified for general information that the organization Indian Institute of Technology Samantapuri

Bhubaneswar (PAN - AAAAI2760A) 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 SE of the Income-tax Rules,

1962 (said Rules), from Assessment year 2014-2015 and onwards under the category of “University College or other

Institution”, engaged in scientific research activities subject to the following conditions, namely:-

(} The sums paid to the approved organization shall be utilized only for scientific research; and not for other streams;

(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 |; or
{b) fails to furnish its audit report as referred to in sub-paragraph (iii) of paragraph |; 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 sectign 35 of the said Act read with rules 5C and SE of the said Rules. [
(Richa ge
Under Secretary to the Govt, of India
Notification no 40 /2015 (F.No.203/3/2014/ITA-IT)
To
The Manager,
Govt, of India Press,
Mayapuri, New Delhi
Copy forwarded to:

la The applicant organization ‘Indian Institute of Technology Samantapuri Bhubaneswar,

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

3. Comptroller & Auditor General of India.

4. CIT, Bhubaneswar

5, Concerned File

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

we Se (Systems), New Delhi, for placing on the website incometaxindia.gov.in

8. Guard file, (PAN: AAAAI2 760A) {

9, ITCC, CBDT (5 copies).

@y u (Richa A
2¥ | LC. Under Secretary to the Govt. of India sp) |