Section 47 · Annual Accounts and Audit

(1) The annual accounts of the University shall be prepared under the direction of the Syndicate. (2) the Annual Accounts so prepared shall be considered by the Academic Council at its next earliest meeting. The Academic Council may pass a resolution with reference thereto and communicate the same to the Syndicate. The Syndicate shall consider the suggestions made by the Academic Council and take such action thereon as it thinks fit and shall inform the Academic Council at its next meeting the action taken by it or the reasons for not taking action. (3) The accounts of the University shall be audited by the 1[Principal Director, Karnataka State Audit and Accounts Department]1 once in a year, in the month of April. (4) The Accounts so audited will be placed before the Academic Council and the Syndicate and thereafter transmitted to the State Government with comments before the end of September each year. The State Government shall lay the same before both Houses of the State Legislature at their next earliest session. 2[(5) The University shall, where its total income as computed under the Income Tax Act, 1961(Central Act 43 of 1961) without giving effect to the provisions of sections 11 and 12 of that Act exceeds the maximum amount which is not chargeable to income-tax in any previous year, get its accounts for that year audited by an accountant as defined in the Explanation to sub-section (2) of section 288 of the Income Tax Act, 1961 and furnish along with its return of income for the relevant assessment year the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed, in accordance with clauses (b) and (ba) of sub-section (1) of section 12A of the Income Tax Act, 1961. (6) The University shall utilize its income and movable and immovable property only of the furtherance of its objects, shall not invest or deposit any income accumulated or set apart for application to charitable purpose in India in any form or mode other than those specified in sub-section (3) of section 11 of the Income Tax Act, 1961 and shall not distribute its income or property to any person by way of profit, dividend and interest or in any other manner.]2 1. Deemed to have been Substituted by Act 54 of 2020 w.e.f. 19.06.2020 2. Deemed to have been Inserted by Act 54 of 2020 w.e.f. 12.09.2001