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of <h1>Central Government Extends Project Eligibility Under Section 35AC of Income-tax Act for Three Years, Boosting Development in Gujarat</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, has extended the eligibility of a project by an organization in Gujarat for an additional three years starting from the assessment year 2002-2003. Initially specified in 1998, the project involves constructing buildings, purchasing equipment, and establishing a vocational training center, residential quarters, library, and dispensary in Bhavanagar District. The project, managed by a specified entity, has an estimated cost of INR 1.02 crore with a corpus fund of INR 3.76 crore. The extension follows a recommendation by the National Committee, affirming the project's proper execution.
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