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The Central Government approves Panjab University, Chandigarh under the category of University, college or other institution for Scientific Research. This approval applies under 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. The notification applies from the date of publication in the Official Gazette for the Previous Year 2023-24. It applies for Assessment Years 2024-2025 to 2028-2029.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 26th February, 2024 No. 23/2024
S.O. 859(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 ‘Panjab University, Chandigarh (PAN: AAAJP0325R) 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. 203/24/2023/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.
