IIM Act 24Chapter IV · Accounts and Audit
Section 24 · Books of account to be maintained by Institute
Text size — level 1 of 4
Every Institute shall keep proper updated
books of account with respect to—
(a) all sums of money received and expended by it and the matters in respect of which receipt and expenditure takes place;
(b) the assets and liabilities of the Institute;
(c) the properties, movable and immovable of the Institute.
Explanation.—For the purposes of this section, if books of account give a true and fair view of the state of affairs of the Institute and its transactions, it shall be deemed as proper books of account with respect to the matters specified therein.
(a) all sums of money received and expended by it and the matters in respect of which receipt and expenditure takes place;
(b) the assets and liabilities of the Institute;
(c) the properties, movable and immovable of the Institute.
Explanation.—For the purposes of this section, if books of account give a true and fair view of the state of affairs of the Institute and its transactions, it shall be deemed as proper books of account with respect to the matters specified therein.
Your private note on this section
Only you can see this note.