Research institution approval requires separate research accounts, annual returns, audited accounts and timely renewal application. Approval under section 35(1)(ii) is granted to the Lions Cancer Research Centre, Surat as an Institution subject to conditions: maintain separate research accounts; furnish annual returns of scientific research by 30 April; submit audited annual accounts and balance-sheet to the prescribed authority and the concerned Commissioner of Income-tax by 30 June; and apply to the Central Board of Direct Taxes for extension at least three months before approval expiry. The approval period runs from 20-1-1986 to 31-3-1987.