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<h1>Lokmanya Tilak Hospital's perpetual approval under Section 35(1)(ii) replaced with time-bound status, expiring December 31, 1987.</h1> The perpetual approval granted to Lokmanya Tilak Hospital Silver Jubilee Research Foundation under section 35(1)(ii) of the Income-tax Act, 1961, has been replaced with a time-bound approval valid until December 31, 1987. The foundation must maintain separate accounts for scientific research funds, submit annual returns of research activities by April 30, and provide audited annual accounts and balance sheets by June 30 each year. Additionally, the foundation must apply to the Central Board of Direct Taxes for approval extension three months before the current approval expires, as late applications may be rejected.