Approval under section 35(1)(ii) converted to time bound approval requiring separate research accounts, annual returns, audited accounts, and timely reapplication. Perpetual approval under section 35(1)(ii) granted to the ICMF Cotton Development and Research Association, Bombay, is converted into a time bound approval valid to 31 December 1988 under the category 'institute,' subject to conditions: maintain separate research accounts; furnish annual research returns by 31 May; submit audited annual accounts, income expenditure statement and balance sheet with copies to the Central Board of Direct Taxes and the Commissioner by 30 June; and apply to the Central Board at least three months before expiry for extension.