Approval for research association status requires separate research accounts, annual reports, audited accounts, and timely renewal. Approval was granted to M.L. Shah Research Foundation for Stone Industries as an approved association for research-related tax purposes, conditioned on maintaining a separate account for research receipts, furnishing annual research activity returns by 31st May, submitting audited annual accounts and a balance-sheet with copies to the prescribed authority, the Central Board of Direct Taxes and the Commissioner by 30th June, and applying to the Central Board for renewal at least three months before approval expiry.