MANU/CBDT/0100/2018

Ministry : Ministry of Finance

Department/Board : CBDT

Notification No. : 83/2018

Date of Notification : 26.11.2018

Date of Publication : 28.11.2018

Subject: Direct Taxation

Approval of Centre for Brain Research, Bangalore by the Central Government for the purpose of clause (ii) of sub-section (1) of Section 35 of the Income-Tax Act, 1961 read with Rules 5C and 5D of the Income-tax Rules, 1962 from Assessment year 2018-2019 onwards in the category of 'Scientific Research Association'

S.O.5851(E).--It is hereby notified for general information that the organization M/s Centre for Brain Research, Bangalore (PAN:AABTC7082K) 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 5D of the Income-tax Rules, 1962 (said Rules), from Assessment year 2018-2019 onwards in the category of 'Scientific Research Association', subject to the following conditions, namely:-

(i) The sole objective of the approved 'Scientific Research Association' shall be to undertake scientific research;

(ii) The approved organization shall carry out scientific research by itself;

(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 referred to in sub-paragraph (........