Approval under section 35(1)(ii) grants research association status with separate accounting and required annual returns. Approval under section 35(1)(ii) designates Bakul Finechem Research Centre, Bombay as an approved research association subject to conditions: maintain a separate account for research receipts (excluding agriculture, animal husbandry, fisheries and medicines); furnish an annual scientific research return to the prescribed authority by 30 April each year in prescribed form; and submit the annual return and statement of accounts to the Commissioner of Income-tax, Bombay. The approval is time-limited from 1 April 1981 to 31 March 1984.