Section 35AC eligibility extended for land and building project; CSR funds excluded from exemption under Companies Act The Central Government extends designation of the 'Land and Building project' by Om Creations Trust as an eligible project under the Explanation to Section 35AC for a further three-year period commencing 2015-16, on recommendation of the National Committee and without change to the approved project cost. The notification clarifies that the Section 35AC exemption does not apply to funds received under Schedule VII of Section 135 of the Companies Act and the Companies (CSR) Rules, 2014.