Approval under Section 35D: institution recognised as approved for Income-tax Act tax treatment. The Central Board of Direct Taxes has approved M. N. Dastur and Company (P.) Ltd., Calcutta as an approved institution for the purposes of subsection (2) of section 35D of the Income-tax Act, 1961, and this approval is notified by S.O.364, thereby qualifying the concern for the statutory tax treatment under that provision.