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<h1>Institute of Liver & Biliary Sciences Approved as Scientific Research Institution Under Income Tax Act Section 35(1)(ii)</h1> The Institute of Liver & Biliary Sciences, New Delhi, has been approved by the Central Government under section 35(1)(ii) of the Income-tax Act, 1961, for assessment year 2012-2013 onwards. The approval is for its classification as a 'University College and other Institution' engaged in scientific research. Conditions include utilizing funds for scientific research, maintaining separate audited accounts for funds received, and submitting audit reports to the relevant tax authorities. The approval may be revoked if the organization fails to comply with these conditions or ceases genuine research activities.