Income Tax Act, 1961
Section 8: Ins. by Act 20 of 2002, s. 4 (w.e.f. 12003).
8. Ins. by Act 20 of 2002, s. 4 (w.e.f. 12003).
83
legally entitled to, or entrusted by the Government with, the control or management of a
Municipal or local fund; or
(iv) Cantonment Board as defined in section 3 of the Cantonments Act, 1924 (2 of 1924);]
1* * * * *
2[(21) any income of a 3[research association] for the time being approved for the purpose of
clause (ii) 4[or clause (iii)] of sub-section (1) of section 35:
Provided that the 3[research association]—
(a) applies its income, or accumulates it for application, wholly and exclusively to the objects
for which it is established, and the provisions of sub-section (2) and sub-section (3) of section
11 shall apply in relation to such accumulation subject to the following modifications, namely:—
(i) in sub-section (2),—
(1) the words, brackets, letters and figure “referred to in clause (a) or clause (b) of
sub-section (1) read with the Explanation to that sub-section” shall be omitted;
(2) for the words “to charitable or religious purposes”, the words “for the purposes of
5[scientific research or research in social science or statistical research]” shall be
substituted;
(3) the reference to “Assessing Officer” in clause (a) thereof shall be construed as a
reference to the “prescribed authority” referred to in clause (ii) 4[or clause (iii)] of
sub-section (1) of section 35;
(ii) in sub-section (3), in clause (a), for the words “charitable or religious purposes”, the
words “the purposes of 5[scientific research or research in social science or statistical
research]” shall be substituted; and
6[(b) does not invest or deposit its funds, other than—
(i) any assets held by the 3[research association] where such assets form part of the
corpus of the fund of the association as on the 1st day of June, 1973;
(ii) any assets (being debentures issued by, or on behalf of, any company or corporation),
acquired by the 3[research association] before the 1st day of March, 1983;
(iii) any accretion to the shares, forming part of the corpus of the fund mentioned in
sub-clause (i), by way of bonus shares allotted to the 3[research association];
(iv) voluntary contributions received and maintained in the form of jewellery, furniture or
any other article as the Board may, by notification in the Official Gazette, specify,
for any period during the previous year otherwise than in any one or more of the forms or modes
specified in sub-section (5) of section 11:]
7[Provided further that the exemption under this clause shall not be denied in relation to voluntary
contribution, other than voluntary contribution in cash or voluntary contribution of the nature referred
Cantonment Board as defined in section 3 of the Cantonments Act, 1924 (2 of 1924);]
1* * * * *
2[
any income of a 3[research association] for the time being approved for the purpose of
clause
4[or clause
of section 35:
Provided that the 3[research association]—
applies its income, or accumulates it for application, wholly and exclusively to the objects
for which it is established, and the provisions of sub-section
and sub-section
of section
11 shall apply in relation to such accumulation subject to the following modifications, namely:—
in sub-section
the words, brackets, letters and figure “referred to in clause
or clause
of
sub-section
read with the Explanation to that sub-section” shall be omitted;
for the words “to charitable or religious purposes”, the words “for the purposes of
5[scientific research or research in social science or statistical research]” shall be
substituted;
the reference to “Assessing Officer” in clause
thereof shall be construed as a
reference to the “prescribed authority” referred to in clause
4[or clause
of section 35;
in sub-section
does not invest or deposit its funds, other than—
any assets held by the 3[research association] where such assets form part of the
corpus of the fund of the association as on the 1st day of June, 1973;
any assets (being debentures issued by, or on behalf of, any company or corporation),
acquired by the 3[research association] before the 1st day of March, 1983;
any accretion to the shares, forming part of the corpus of the fund mentioned in
sub-clause
voluntary contributions received and maintained in the form of jewellery, furniture or
any other article as the Board may, by notification in the Official Gazette, specify,
for any period during the previous year otherwise than in any one or more of the forms or modes
specified in sub-section
of section 11:]
7[Provided further that the exemption under this clause shall not be denied in relation to voluntary
contribution, other than voluntary contribution in cash or voluntary contribution of the nature referred