Scientific research expenditure - Approved company (M/s. Advinus Therapeutics Pvt. Ltd., Bangalore) for purpose of section 35(1)(iia) of the Income-tax Act, 1961 (43 of 1961) - S.O. 1029 - Income Tax

Scientific research expenditure - Approved company (M/s. Advinus Therapeutics Pvt. Ltd., Bangalore ) for purpose of section 35(1)(iia) of the Income-tax Act, 1961 (43 of 1961) Dated: 3-3-2010 S.O. 1029.- In exercise of the powers conferred on me by sub-clause (iia) of clause (1) of the section 35 of the Income-tax Act, 1961 (43 of 1961) read with rule 5F of the Income-tax Rules, 1962 , I, Chief Commissioner of Income-tax, Bangalore-I, hereby accord approval to M/s. Advinus Therapeutics Pvt. Ltd, Bangalore- 560 058, for the purpose of the said section for the period from 1-4-2008 onwards (assessment year 2009-10 onwards), subject to the conditions mentioned hereunder; (i) The sum paid to company shall be used for scientific research; (ii) The applicant shall carry on scientific research through its own employees using its own assets. (iii) A company approved under clause (iia) of sub-section (1) of section 35 shall maintain separate books of account in respect of the sums received by it for scientific research, reflect therein the amount used for carrying on research, get such books of account audited by an accountant, and furnish the report of such audit duly signed and verified by such accountant, to the Commissioner 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 . Explanation.- For the purpose of this clause "accountant" shall have the same meaning as assigned to it in the Explanation to sub-section (2) of section 288 of the Income-tax Act . (iv) The company shall maintain a separate statement of donations received and the amount used for research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to in sub-rule (3). (v) Subsequently to the approval, the company shall every year, by the due date of furnishing the return of income under sub-section (1) of section 139 , furnish a statement to the Commissioner of Income-tax containing the following information, namely : - (a) a detailed note on the research work undertaken by it during the previous year; (b) a summary of research articles published in national or international journals during the year. (c) any patents or other similar rights applied for or registered during the year; (d) program of research projects to be undertaken during the forthcoming year and the financial allocation of such subjects.