CBDT approves Sri Shankara Cancer Foundation for deduction of expenditure on scientific research

CBDT approves Sri Shankara Cancer Foundation for weighted deduction of expenditure on scientific research

CBDT has approved ‘Sri Shankara Cancer Foundation, Bangalore (PAN: AAHTS5593F)’ under the category of ‘University, College or other institution’ for deduction of expenditure on 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.

Under the said clause in respect of expenditure on scientific research, a deduction of an amount equal to one and one half times is allowed for any sum paid to a research association which has as its object the undertaking of scientific research or to a university, college or other institution to be used for scientific research. 

The approval shall apply with effect from Previous Year 2021-22 and accordingly shall be applicable for Assessment Years 2022-2023 to 2026-2027

Read Notification Click Here >>

• No protective addition required when additions is confirmed in hands of searched person – ITAT
• Limitation u/s 34 of Arbitration Act commences on disposal of application u/s 33 by Arbitral Tribunal – SC
• Case remanded in absence of finding if disallowance u/s 40A(3) covered by Rule 6DD
• For investment in share capital, source of investment is outside the control of the investee company
• ICAI issues revised Code of Ethics (13th edition)- Applicable Dates