Exemption under section 35AC extended for Sankar Foundation hospital project under Income-tax Act, preserving eligible tax concessions. The Central Government specifies that the purchase of equipment and running of hospital projects at Visakhapatnam by Sankar Foundation is an eligible project under Section 35AC, extending prior notifications for a further two-year period commencing with assessment year 2004-2005. The National Committee recommended the extension after satisfaction with project execution, and the Government, exercising powers under sub-section (1) read with the Explanation to Section 35AC, formalized the specification at an estimated cost of rupees three crores sixty-four lakhs fifty-five thousand.