Exemption under section 35(1)(ii) confirmed for a cotton research institution, establishing eligibility for statutory tax relief. The I. C. M. F. Cotton Development and Research Association, Bombay has been approved by the prescribed authority for the purposes of clause (ii) of sub section (1) of section 35(1)(ii) of the Income tax Act, 1961, confirming its entitlement to the exemption applicable to recognized research institutions.