Research expenditure approval under section 35(1)(ii) subject to separate accounting and annual reporting requirements. Approval is granted to the National Institute of Construction, Management and Research as an institution for purposes of Section 35(1)(ii), subject to maintaining separate accounts for scientific research, furnishing annual returns of research activities to the Secretary, Department of Scientific and Industrial Research by the prescribed annual deadline, and submitting audited annual accounts to the Director-General of Income-tax (Exemptions), the Secretary, and the local Commissioner/Director of Income-tax (Exemptions) by the stated annual date.