Exemption under section 35AC extended for specified Integrated Rural Development projects, preserving their eligible project status under income-tax rules. The Central Government, under the Explanation to Section 35AC of the Income tax Act, specifies the Integrated Rural Development scheme by Lupin Human Welfare and Research Foundation at Bharatpur and Raisen as an eligible project for a further period of three years commencing from assessment year 2003 2004, following the National Committee's recommendation that the project is being executed properly.