Exemption under section 35AC: project specified as eligible for a further multi-year assessment period after committee recommendation. The Central Government specifies the Venu Eye Institute and Research Centre, executed by Venu Charitable Society at Sheikh Sarai, New Delhi, as an eligible project for exemption under section 35AC and, following the National Committee's recommendation that the project is being properly executed, extends that specification for a further three assessment years commencing from the assessment year 1999-2000 at an estimated cost of twelve crore sixty lakhs.