CBDT approves National Institute of Design, Ahmedabad under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ u/s 35(1)(ii) of the Income-tax Act, 1961Â
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 23/2023
New Delhi, the 21st April, 2023
S.O. 1831(E).—In exercise of the powers conferred by clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) read with Rules 5C and 5E of the Income-tax Rules, 1962, the Central Government hereby approves ‘National Institute of Design, Ahmedabad (PAN: AAATN1137D)’ under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.
2. This Notification shall apply with effect from the date of publication in the Official Gazette (i.e., from the Previous Year 2023-24) and accordingly shall be applicable for Assessment Years 2024-2025 to 2028-2029.
[F.No.203/07/2022/ITA-II]
CASTRO JAYAPRAKASH T.,Under Secy.
Explanatory Memorandum: It is certified that no person is being adversely affected by granting retrospective effect to this notification.
- Appeal withdrawn against rejection u/s 12AB as assessee was availing benefit u/s 10(23C)(iiiad)
- When delay not mala fide, right of hearing on merit not to be rejected – ITAT
- Exemption u/s 54 allowed despite failure to deposit in Capital Gains Accounts Scheme
- No addition to be made in hands of assessee solely on basis of uncorroborated loose-sheet
- Claim of Leave Encashment exemption u/s 10(10AA)(ii) dismissed beyond Rs. 3 lakhs
(ii) of Income-tax Act){kind=link}