Research institution approval under section 35(1)(ii) imposes maintenance, annual reporting and audit obligations for tax recognition. Approval is granted to the Indian Register of Shipping, Bombay, as an approved institution under clause (ii) of sub section (1) of section 35 of the Income tax Act for the period 1 4 1985 to 31 3 1986, conditional on maintaining a separate research account, furnishing annual research returns to the prescribed authority by 30 April, submitting audited annual accounts and balance sheet to the prescribed authority and Commissioner by 30 June, and applying for extension to the Central Board of Direct Taxes at least three months before expiry.