CBDT grants the approval to ‘Panjab University, Chandigarh’ as ‘University, college or other institution’ for Scientific Research under the IT Act.
The CBDT vide Notification No. 23/2024 dated February 26, 2024, granted the approval to ‘Panjab University’ in Chandigarh as a ‘University, College, or Other Institution’ category for ‘Scientific Research.’ This approval is in accordance with clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (“the IT Act”), along with Rules 5C and 5E of the Income-tax Rules, 1962 (“the IT Rules”).
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
Explanatory Memorandum: It is certified that no person is being adversely affected by granting retrospective effect to this notification.
The Notification can be accessed at: https://www.a2ztaxcorp.com/wp-content/uploads/2024/02/CBDT-NOTIFICATION-26.2.2024.pdf