Research exemption approval under section 35(1)(ii) granted with audit, reporting and compliance requirements; noncompliance risks withdrawal. Approval under section 35(1)(ii) is granted to M/s B.R. Nahata Smriti Sansthan (unit: B.R. Nahata College of Pharmacy) as a College partly engaged in research, subject to utilization of sums for scientific research, research being carried out by faculty or students, maintenance of separate books and a donations statement, and submission of an auditor's report and certified statement to the tax authority by the return filing due date.