Great Lakes Institute
of Management, Chennai approved as an institution for purpose section 35(1)(iii)
of IT Act, 1961
It is hereby
notified for general information that the organization Great Lakes Institute of
Management, Chennai has been approved by the Central Government for the
purpose of clause (iii) of sub-section (1) of section 35 of the
Income-tax Act, 1961 (said Act), read with rules
(i) The sums paid to the approved organization shall be utilized
for research in social sciences;
(ii)
The
approved organization shall carry out research in social science or statistical
research through its faculty members or its enrolled students;
(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 research in social
sciences 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 (iii) of paragraph 1; or
(b)
fails to furnish its
audit report referred to in sub-paragraph (iii) of paragraph 1; or
(c)
fails to furnish its
statement of the donations received and sums applied for research in social
sciences or statistical research referred to in sub-paragraph (iv) of paragraph
1; 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 provisions of clause (iii) of sub-section (1) of section 35 of
the said Act, read with rules