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<h1>Exemption under section 35AC approves eligible projects and institutions for tax relief over specified assessment years.</h1> Exemption under section 35AC approves named charitable and development institutions as sponsors of specified eligible projects and prescribes the maximum approved estimated cost for each project; institutions must undertake the approved projects within the scope and cost limits set in the notification table to qualify for the income-tax exemption, and the notification fixes the period of effectiveness for approvals in relation to particular assessment years, with subsequent substitutions amending project descriptions, cost ceilings and expiry schedules.