Research institution approval under section 35(1)(ii) requires separate accounts, annual returns and timely audited filings. Approval under the income tax provision was granted to Alchemic Research Centre (P.) Ltd., Bombay as an approved institution in the Association category for other natural and applied sciences, subject to maintaining a separate account for research receipts, furnishing annual returns of scientific research activities by 30th April each year, and submitting audited annual accounts and balance sheet copies to the prescribed authority and the concerned Commissioner of Income tax by 30th June each year.