Exemption under section 35(1)(iii): institutional approval permits tax treatment subject to separate accounts and annual expenditure reporting. Approval is granted to the Indian Society of Agricultural Economics, Bombay for the purposes of the exemption under section 35(1)(iii) of the Income-tax Act, 1961, with the Indian Council of Social Science Research as the prescribed authority; the institution must maintain a separate account of funds received and furnish annual details of expenditure to that authority.