Approval under Section 35 requires research institutions to keep separate accounts and submit annual audited returns to authorities. Approval is granted to the International Management Institute, New Delhi, as an institution for the purposes of approval under section 35(1)(iii), subject to conditions: maintain a separate account for scientific research receipts; furnish prescribed annual research returns by 31 May; submit audited annual accounts, income and expenditure statements, and balance-sheet to the prescribed authority, the tax board and the Commissioner by 30 June; and apply for extension of approval three months before expiry.