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of <h1>Kala Mandir Building Project in Gujarat Gets Two-Year Extension Under Section 35AC of Income Tax Act.</h1> The Central Government has designated the construction of the Kala Mandir Building in Bhiloda, Sabarkantha, Gujarat, by an organization as an eligible project under Section 35AC of the Income-tax Act, 1961. Initially specified for one year starting with the 2003-2004 assessment year, the project is now extended for an additional two years, beginning with the 2004-2005 assessment year, due to its ongoing nature and satisfactory execution. The estimated project cost is INR 12,14,000. This extension follows a recommendation by the National Committee for Promotion of Social and Economic Welfare.
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