Exemption under section 35AC designates Arpan Eye Bank project as eligible for an extended tax-exemption period. The Central Government specifies the Arpan Trust scheme for running an eye bank at Ghatkopar as an eligible project for tax-exemption purposes for a further three assessment years commencing from assessment year 1998-99, after the National Committee recommended extension under the Income-tax Rules upon finding the project properly executed; the notification includes the project's estimated cost and formalises continuation of eligibility under the Explanation to the relevant provision.