Deduction under section 35AC: notified institutions' approved projects eligible for specified tax deduction over three financial years. Notification under section 35AC, on the National Committee's recommendation, notifies specified institutions as approved and lists eligible projects with estimated costs. For each project the notification specifies the maximum amount of project cost that may be allowed as a deduction under section 35AC, with those amounts apportioned for claim during the approval period. The notification is operative for a fixed three year period covering the consecutive financial years commencing with the first year stated.