Tax exemption under section 35(1)(iii) approved for an institution, subject to annual audited accounts submitted to the prescribed authority. Gandhi Shikshan Bhavan, Bombay is approved for exemption under clause (iii) of sub section (1) of section 35 of the Income tax Act for three years from 1 April 1974, subject to the condition that the institution submit annually to the prescribed authority a report including an audited statement of accounts of funds received under the exemption and the research programmes for which those funds are utilised.