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of <h1>Research Foundation's Medical Project in Maharashtra Extended Under Section 35AC for Tax Benefits</h1> The Central Government has designated the scheme by a research foundation in Bombay as an eligible project under Section 35AC of the Income-tax Act, 1961. Initially specified for three years starting from the 1994-95 assessment year, the project involves Phase II of a medical facility in Maharashtra. Due to its ongoing nature and proper execution, the National Committee recommended extending its eligibility for another three years, covering assessment years 1997-98 to 1999-2000. The estimated project cost is seven crores eight lakhs and seventy-five thousand rupees.
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