Extension under Section 35AC: eligible education and hostel renovation project granted further period of notified tax benefit. The Central Government, invoking the Explanation to section 35AC, notifies the Renovation and Expansion project of the Royal Educational Society as an eligible project for tax purposes and extends its notified period for a further three years commencing with financial year 2013-14, without any change in the approved cost including the corpus fund, following a recommendation under sub-rule (5) of rule 11M of the Income-tax Rules, 1962 that the project is being properly executed.