Deduction under section 35AC: notified institutions' approved project costs permitted as tax deductions for specified years. Notification under the Explanation to section 35AC notifies specified institutions and approves particular social welfare projects with estimated costs, specifying for each the maximum portion of project cost allowable as a deduction under section 35AC for the stated period of approval; the notification remains in force for three years in relation to the financial years specified and is issued under sub section (1) read with clause (b) of the Explanation to section 35AC.