Exemption under section 35AC extended to a specified school construction project, renewing eligible-scheme status for three years. The Central Government specifies continuation of Valluvar Gurukulam's Tambaram school construction and equipment-procurement project as an eligible scheme for tax exemption under the Income-tax Act for a further three years commencing with financial year 2004-2005, without any change to the previously approved project cost and corpus fund, following the National Committee's recommendation under rule 11M(5).