Section 35AC exemption extended to nursing school project in Chennai for three years; CSR Schedule VII funds are excluded. The Central Government notifies extension of the project 'Establishment of school of Nursing for vocational education' by Indian Medical Centre, Chennai, as an eligible project for exemption under section 35AC for three further financial years beginning 2016-17, at the same approved cost, following the National Committee's recommendation; the exemption does not apply to funds received under Schedule VII of the Companies Act and the Companies (CSR) Rules, 2014.