Tax exemption eligibility under section 35AC extended for a charitable school project after regulatory recommendation. The Central Government, invoking section 35AC and in reliance on a National Committee recommendation under rule 11M(5), specified the construction, furnishing and running of a school at Village Bhatwari by Bharat Sevashram Sangha as an eligible project for tax exemption for a further three-year period commencing with the assessment year 2000-2001, with an estimated project cost stated in the notification.