Exemption under Section 35AC: scheme specified for hospital construction and project cost ceiling increased accordingly. Exemption under section 35AC is specified for the construction and operation of a hospital complex at Modasa by Sevasangh Sarvajanik Hospital Trust; the Central Government, following a recommendation under rule 11M(5), amends the earlier notification to increase the maximum allowable project cost while retaining the corpus fund component and confirms the scheme remains specified under the powers of sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961.