Any Research Association
Nature of Income
Conditions laid down for Tax Exemption
The research Association should be approved for the purpose of section 35(1) clause (ii) and clause (iii)
It applies or accumulates the income wholly and exclusively for its stated purpose
Provisions of sections 11(2) and 11(3) shall apply with such modification as specified
If the Central Government is satisfied that various conditions laid down is not satisfied it may withdraw the exemption after giving opportunity of being heard to such association.