Exemption under section 35AC: eligible charitable project extended for two additional financial years, maintaining approved project cost. The Central Government specifies under section 35AC that Amar Seva Sangam's 'Valley for the Disabled' project at Ayikudi is an eligible scheme for a further two years from financial year 2005-06, pursuant to a recommendation under rule 11M(5) and exercised under sub-section (1) read with clause (b) of the Explanation to section 35AC; the specification covers construction, purchase of books, vehicles, equipment, furnishing and running of the project without any change in the approved cost of Rs. 500.31 lakhs.