Exemption under section 35AC extended for Vikas project, permitting continued eligibility for Vridhashram and industrial shed construction. The Central Government specified the scheme by Vikas for purchase of machinery and construction of a Vridhashram and industrial shed at Kolavada, Gandhinagar, Gujarat, as an eligible project for a further three-year period beginning with assessment year 2002-2003, following a National Committee recommendation under the Income-tax Rules that the project was being executed properly and merited extension of the original specification.