Exemption under section 35AC: specified educational construction project retained as eligible for further assessment years. Central Government specifies construction of Arts and Commerce College, Rural Science and Pharmacy College, an Industrial Training Institute and a hostel at Shardagram of Shree Bharat Saraswati Mandir Sansad as an eligible project under the Explanation to section 35AC, following the National Committee's recommendation that the project is being executed properly, and extends its eligibility for tax-exempt donations for a further three assessment years commencing from assessment years beginning in 1999 at the estimated cost stated in the notification.