Exemption under section 35AC extended for sports hostel project, granting eligibility for deductions over three further assessment years. The Central Government re specified the construction and furnishing of sports hostels 'Faqir Kutir' and 'Arohan' at Van Niwas, Nainital of Sri Aurobindo Ashram-Delhi Branch as an eligible project for tax exemption purposes, following the National Committee's recommendation that the project was being executed properly, and extended its eligibility for a further three assessment years commencing with assessment year 1999 2000 at the estimated project cost.