1311 : Notification: S.O.1311 Date of Issue: 26/8/1987

Notification: S.O.1311 Date of Issue: 26/8/1987

Notification: S.O.1311

Section(s) Referred: 35 ,35(1) ,35(1)(ii)

Statute: INCOME TAX

Date of Issue: 26/8/1987

It is hereby notified for general information that the perpetual approval granted to the ICMF Cotton Development and Research Association, Textile Centre, 34, P. D.' Mello Road, Poona Street, Bombay 400 009, under section 35(1)(ii) of the Income-tax Act, 1961, vide Ministry of Finance (Department of Revenue and Insurance) Notification No. 187 (F. No. 203/32/72-ITA-II) dated 12-9-1972 is hereby converted into time-bound approval valid up to 31-12-1988 under the category "institute" subject to the following conditions :--

(i) That the ICMF Cotton Department and Research Association, Bombay, will maintain a separate account of the sums received by it for scientific research.

(ii) That the said Institute will furnish annual returns of its scientific research activities to the prescribed authority for every financial year in such forms as may be laid down and intimated to then for this purpose by 31st May, each year.

(iii) That the said Institute will submit to the prescribed authority by 30th June, each year, a copy of their audited annual accounts showing their total income and expenditure and balance-sheet showing its assets and liabilities with a copy of each of these documents to the Central Board of Dierect Taxes, New Delhi, and the concerned Commissioner of Income-tax.

(iv) That the said Institute will apply to the Central Board of Direct Taxes, Ministry of Finance (Department of Revenue), New Delhi, 3 months in advance before the expiry of the approval for further extension. Applications received after the date of expiry of approval are liable to be rejected.

[No. 7495/F. No. 203/134/85-ITA. II