Approval under Section 35(1)(ii): institutional research recognition subject to separate accounts, annual returns, audited accounts and timely renewal. Approval is granted to Aspe Research Institute as an 'Association' under Section 35(1)(ii), subject to maintaining separate accounts for research receipts, furnishing annual returns of research activities by 31 May, submitting audited accounts and balance sheet to the prescribed authority, the Central Board of Direct Taxes and the Commissioner by 30 June, and applying for extension at least three months before approval expiry.