Section 35AC eligible project extension and increased allowable project cost specified for a rural development scheme. Specification under section 35AC designates the Keonjhar rural development project by Tata Sponge Iron Limited as an eligible project for a further three years from assessment year 2002-2003 following National Committee recommendation, and amends the prior notification by increasing the maximum permissible project cost for eligibility under the Explanation to section 35AC.