Approval under section 35(1)(iii) conditions institution recognition with strict reporting, accounting and renewal requirements. Approval under section 35(1)(iii) is granted to Maharashtra Granthottejak Sansthan, Pune as an Institution subject to maintaining a separate account for research funds, furnishing annual returns of scientific research activities by 31 May, submitting audited annual accounts and balance sheet to the prescribed authority, the Central Board of Direct Taxes and the Commissioner by 30 June, and seeking extension at least three months before approval expiry; late renewal applications may be rejected.