IIT (BHU), Varanasi Approved as Approved Organisation for Scientific Research & claim deduction U/s 35(1)

Noti­fi­ca­tion u/s 35(1) (ii) — Approved orga­ni­za­tion — Indi­an Insti­tute of Tech­nol­o­gy (BHU), Varanasi — 22/2015 — Dat­ed 13–3‑2015 — Income Tax

NOTIFICATION NO. 22/2015

New Del­hi, the 13^th March, 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

©    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.

[F. NO. 203/07/2014/ITA-II]