Exemption under Section 35AC extended for Basavanagudi Aquatic project covering construction of swimming pool complex with boarding and gym facilities. The Central Government specifies the construction and operation of a swimming pool complex with boarding, lodging, gymnasium and academy by Basavanagudi Aquatic Centre as an eligible project for income tax exemption under Section 35AC, following the National Committee's recommendation, and extends the project's eligibility for a further three years commencing from financial year 2004-2005 without any change in the approved cost.