Exemption under section 35AC: eligible integrated rural development project granted further specification extending tax exemption period. The Central Government, exercising powers under sub-section (1) read with the Explanation to section 35AC of the Income-tax Act, specifies the Integrated Rural Development project carried out by Murleidhor Jalan Foundation, without any change in the approved cost of Rs. 417.74 lakhs, as an eligible project for a further period of two years beginning with financial year 2005-06, following recommendation by the National Committee for Promotion of Social and Economic Welfare.