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of <h1>Hexamar Agricultural Foundation Gains Approval Under Section 35(1)(ii) for Research, Must Meet Strict Compliance Criteria</h1> The Hexamar Agricultural Research and Development Foundation in Bombay has been approved under section 35(1)(ii) of the Income-tax Act, 1961, by the Department of Scientific & Industrial Research. The approval is valid from January 1, 1986, to March 31, 1988. The foundation must maintain separate accounts for scientific research funds, submit annual returns and audited accounts, and apply for approval extension three months before expiry. Additionally, it must enhance research activities and utilize 50% of its corpus before accepting more research funds. Compliance with these conditions is mandatory for continued approval.
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