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<h1>Rural Medical Center Project in Bombay Gets Extension Under Section 35AC for Additional Three Years with Tax Benefits.</h1> The Central Government has designated the construction, equipment, furnishing, and operation of a rural medical and research center by a foundation in Bombay as an eligible project under Section 35AC of the Income-tax Act, 1961. Initially specified in 1995 for three years, the project's eligibility was extended twice, first in 1998 and now for an additional three years starting from the assessment year 2002-2003. The project, with an estimated cost of two crores, has been recommended for extension by the National Committee, indicating its proper execution.