Exemption under section 35AC: specified school project continued and permitted increased project cost for deduction eligibility. The Central Government, under section 35AC, specifies the project 'Running the School K.C. Thackeray Vidya Niketan English Medium School' by Thermax Social Initiative Foundation as an eligible project and, on the National Committee's recommendation, amends the earlier notification to substitute the previously specified maximum amount of project cost with a higher amount, thereby increasing the ceiling for cost to be allowed as deduction under the Income tax Act.