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of <h1>Government Extends Project Eligibility Under Section 35AC for Additional Three Years; Cost Fixed at Rs. 5.28 Crores.</h1> The Central Government has extended the eligibility of a project under Section 35AC of the Income-tax Act, 1961, for the construction of buildings, staff quarters, and an overhead water tank by an organization in Chennai. Initially approved for three years starting from the Assessment Year 2004-05, the project is now specified for an additional three years from the financial year 2006-07. The National Committee for Promotion of Social and Economic Welfare recommended this extension, confirming the project's proper execution. The approved cost remains unchanged at Rs. 5.28 crores.
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