Exemption under section 35AC extends eligibility for a specified school, hostel and training project for an additional period. Central Government specifies the construction of a school building, hostel for mothers of handicapped children, and a training programme at Saraswathipuram, Mysore, executed by Parents Association of Deaf Children (Regd.), as an eligible project under the Explanation to section 35AC of the Income-tax Act, on the National Committee's recommendation and for a further three year period commencing from the stated assessment year, at an identified estimated cost.