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<h1>Exemption under section 35AC: eligible educational project extension granted for a residential tribal school continues.</h1> The Central Government specifies the construction of Saraswati Vidya Mandir, a residential high school with a vocational training centre for tribals and economically backward classes carried out by Shri Hari Vanvasi Vikas Samiti, as an eligible project under the Explanation to section 35AC of the Income-tax Act. Following the National Committee's recommendation that the project is being properly executed, the Government extends the specification for a further three-year period commencing from the assessment year 2002-2003 at an estimated cost of rupees ninety-three lakhs ninty-eight thousand only.
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