Approval under section 35(1)(ii): research association status granted subject to separate accounts, annual returns, audited accounts, and renewal notice. Approval under section 35(1)(ii) is granted to Aspee Research Institute, Bombay, as a research Association for the period 1-4-1986 to 31-12-1986, subject to maintaining separate accounts for scientific research, furnishing annual research returns to the prescribed authority by 30 April, submitting audited accounts and balance-sheet with copies to the Commissioner by 30 June, and applying to the Central Board of Direct Taxes at least three months before expiry for extension.