Exemption under Section 35AC confirms hospital construction as eligible project, extending tax relief for specified assessment years. The Central Government, exercising powers under sub-section (1) read with clause (b) of the Explanation to Section 35AC, specifies the construction of Ujjain Charitable Trust's Hospital and Research Centre at Bhudwaria, Ujjain, as an eligible project at an estimated cost of rupees one hundred fifty lakhs, for a further period of three assessment years commencing from the assessment year 1999-2000, following the National Committee's recommendation under rule 11M(5) of the Income-tax Rules, 1962.