Research institution approval under tax provisions recognised, subject to separate research accounts and annual audited reporting. Approval under section 35(1)(ii) is granted to Arvind Medical Research Foundation, Madurai, subject to conditions requiring maintenance of a separate account for scientific research receipts, annual returns of research activities to the prescribed authority in prescribed forms by the annual deadline, submission of audited annual accounts and balance sheet to the prescribed authority with copies to the Commissioner of Income-tax by the annual deadline, and advance application to the Central Board of Direct Taxes for extension before approval expiry.