Exemption under section 35AC extended for Rayalaseema Seva Samithi construction project, preserving its eligible project status. The Central Government specified extension of exemption under section 35AC by designating Rayalaseema Seva Samithi's construction of an Administrative Building, Training-cum-Production Centre and Women Hostel at M.R. Palli, Tirupati Rural, Chittoor District, as an eligible project for a further two years beginning with assessment year 2001-2002, following the National Committee's recommendation under sub-rule (5) of rule 11M of the Income-tax Rules, 1962 that the project was being executed properly.