Exemption under Section 35AC extended for a specified charitable school project, preserving its tax-exemption eligibility. The central government specifies that the project of construction, equipment purchase, furnishing and running of a school and rehabilitation centre at Ramo Halli by Shubham Karothi is an eligible project for exemption under the Explanation to Section 35AC, following the National Committee's recommendation that the project is being properly executed, and extends the specification for a further three years commencing from assessment year 2004-2005.