Research institution approval requires compliance with annual reporting, audited accounts and timely renewal application to authority. Approval is granted to Nimbkar Agricultural Research Institute, Satara, under section 35(1)(ii) for the category 'Association' for 1-4-1987 to 31-3-1988, conditional on maintaining separate research accounts, filing annual research returns by 31st May, submitting audited annual accounts and balance sheet to the prescribed authority, the Central Board of Direct Taxes and the Commissioner of Income-tax by 30th June, and applying for extension at least three months before approval expiry.