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For the purpose of Section 35(1)(iii) - organization Nimbkar Agricultural Research Institute (NARI), Phaltan, Maharashtra has been approved - 179/2007 - Income TaxExtract For the purpose of Section 35(1)(iii) - organization Nimbkar Agricultural Research Institute (NARI), Phaltan, Maharashtra has been approved Notification no. 179/2007, dated 24-5-2007 It is hereby notified for general information that the organization Nimbkar Agricultural Research Institute (NARI), Phaltan, Maharashtra, 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, read with 1 [ Rules 5C and 5E ] of the Income-tax Rules, 1962 with effect from 1-4-2006 in the category of other Institution partly engaged in research activities subject to the following conditions:- ( 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 books of account and get such books audited by an accountant as defined in the explanation to sub-section (2) of section 288 of the Income-tax Act, 1961 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. ( 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 books of account; or ( b ) fails to furnish its audit report; or ( c ) fails to furnish its statement of the sums received and sums applied for scientific research; 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 provision of section 35(1)( ii ) of the Income-tax Act, 1961, read with 1 [ Rules 5C and 5E ] of the Income-tax Rules, 1962. [F. No.203/12/2007/ITA-II] ******** Notes 1. Corrected vide CORRIGENDUM 226/2007 DATED 14-8-2007 before it was read as rules 5C and 5D
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