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<h1>Institute of Chemical Technology Mumbai Approved for Scientific Research Under Section 35(1)(ii) of Income-tax Act 1961</h1> The Institute of Chemical Technology in Mumbai has been approved by the Central Government under section 35(1)(ii) of the Income-tax Act, 1961, for scientific research activities. This approval is effective from the assessment year 2014-2015 onwards. The institute must utilize funds for scientific research, conduct research through faculty or students, maintain separate audited accounts for research funds, and provide certified statements of donations and expenditures. Failure to comply with these conditions, such as maintaining separate accounts or providing necessary reports, may result in withdrawal of the approval by the Central Government.