Exemption under Section 35AC: project approval extends tax exempt status for specified charitable construction over three assessment years. Approval under the Explanation to Section 35AC is granted for Nishkam Sikh Welfare Council's construction of Mata Gujari Old Age Home cum Orphanage at village Khanpur, District Ropar, Punjab, specifying the institution and project at the estimated cost and extending eligibility for tax exemption for three assessment years commencing 1998 99, on the National Committee's recommendation that the project is being executed properly.