(21)any income of a research association for the time being approved for the purpose of clause (ii) or clause (iii) of sub-section (1) of section 35:Provided that the research association—(a)applies its income, or accumulates it for application, wholly and exclusively to the objects for which it is established, and the provisions of sub-section (2) and sub-section (3) of section 11 shall apply in relation to such accumulation subject to the following modifications, namely :—(i)in sub-section (2),—
