CBDT approves National Institute of Design, Ahmedabad u/s 35(1)(ii) of Income-tax Act

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, 1961 

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.

• Form 26 to replace Form 3CD of tax audit report by a CA from Tax Year 2026-27
• When no addition is made on the basis of reasons recorded, reopening is bad in law
• No separate compensation for loss of love and affection under MV Act – SC
• Trust accredited by National Open School eligible for registration u/s 12AB & u/s 80G
• Delay in furnishing Form 10B – Covid Period to be excluded as per decision of Supreme Court