Research approval under section 35(1)(iii) conditions accounting, annual returns, audited accounts and timely renewal for eligibility. Approval is granted to the Centre for Studies in Decentralised Industries, Bombay as an Institution under clause (iii) of subsection (1) of section 35 of the Income-tax Act, subject to maintaining separate accounts for scientific research, furnishing annual returns by 31 May, submitting audited accounts and balance sheet to the prescribed authority by 30 June with copies to the tax authorities, and applying for extension at least three months before expiry; approval effective from 16 July 1986 to 31 March 1988.