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<h1>Foundation Approved for Scientific Research Expenditure Under Section 35(1)(iii) of Income-tax Act, 1961</h1> The Central Government has approved an organization, anonymized as 'the Foundation,' in Mumbai, for scientific research expenditure under Section 35(1)(iii) of the Income-tax Act, 1961. Effective from April 1, 2002, the approval is contingent upon the Foundation utilizing funds for social science research, conducting research through faculty or students, maintaining audited financial records, and providing a certified statement of donations and expenditures. Failure to comply with these conditions, including maintaining genuine research activities, may result in the withdrawal of approval by the Central Government.