Approval under section 35(1)(iii) grants institute research-recognition subject to separate accounting and annual reporting obligations. Approval under section 35(1)(iii) recognises The Gujarat Institute of Area Planning as an approved institution for research-related tax purposes provided it maintains separate accounts for research receipts, files annual returns of research activities by 30th April, submits audited accounts and balance-sheet to the prescribed authority and the Commissioner of Income-tax by 30th June, and applies for renewal to the Central Board of Direct Taxes three months before expiry.