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of <h1>Section 35AC: Govt Approves College Project for Economically Backward Classes, Total Cost Rs. 107.17 Lakhs, 3-Year Extension</h1> The Central Government has designated the construction of an arts and commerce college at Karvenagar, Pune, as an eligible project under section 35AC of the Income-tax Act, 1961. This project, benefiting 75% of individuals from economically and socially backward classes, is estimated to cost Rs. 31.61 lakhs. Additionally, the project includes the construction of Phase III of an engineering college and a hostel facility, with total costs of Rs. 59.80 lakhs and Rs. 15.76 lakhs respectively. The project is approved for a further three-year period starting from the assessment year 1996-97.
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