Exemption under section 35AC extended for a specified rural development construction project, preserving its eligible tax-exempt status. Central Government specified extension of tax-exempt status for the rural development project carried out by Anuvrat Gram Bharti Sansthan at Vinaypuram, Bhilwara, Rajasthan-comprising construction of school, women and child welfare centre, staff quarters, guest house, laboratory and library hall, kitchen and dining hall, meditation hall and administrative block-at an estimated cost of sixty lakhs, as eligible for a further three-year period beginning with the assessment year 2001-2002 following recommendation by the National Committee under the Income-tax Rules.