Exemption under section 35AC extended for a specified rural development project, renewing its eligible-scheme status. The Central Government specified the Ramkrishna Mission Sevashrama's Palli Unnayan Prakalpa - construction of a primary school building, a 2000 ft. kachha link road and provision of drinking water through tubewells - as an eligible rural development scheme for exemption under the income-tax provision and, following the National Committee's recommendation that the project was properly executed and likely to continue, extended the scheme's specified status for a further limited period commencing in the subsequent assessment year.