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      <description>Approval under section 35(1)(ii) for Jayant Industrial and Scientific Research is converted to time-bound approval until 31-3-1987, subject to maintaining a separate account for research funds, filing annual returns of research activities by 30th April, submitting audited annual accounts and balance-sheet to the prescribed authority and the Commissioner of Income-tax by 30th June, and applying to the Central Board of Direct Taxes three months before expiry for extension.</description>
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