Section 35AC exemption extended for Valluvar Gurukulam school project, qualifying construction and equipment expenditure for an additional three years. The Central Government, exercising powers under the Income tax Act, specified the Valluvar Gurukulam school construction and equipment project at Tambaram, Chennai as an eligible project under section 35AC for a further three year period beginning with the assessment year 2002-2003 following a National Committee recommendation under the Income tax Rules that the project is being executed properly.