Exemption under section 10(21) of the Income-tax Act, 1961

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..... (ii) of the Act which is applied solely to the purposes of that association. The question whether the income of the scientific research association has to be spent in the relevant year itself so as to qualify for the exemption came up before the Orissa High Court in the case of Dalmia Institute of Scientific and Industrial Research v. ITO [1979] 118 ITR 575. The High Court has held that there is .....

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..... poration established by or under a Central, State or Provincial Act after November 30, 1983. In order to ensure that scientific research associations approved for the time being under section 35(1)(ii) also satisfy the requirements of section 10(21) as amended, it will be necessary that notices under section 139(2) of the Income-tax Act, 1961, are issued to the associations and the returns scruti .....

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