Section 35AC specification extended for eligible charitable project, renewing tax incentive eligibility for a further three year period. The Central Government, under the Explanation to Section 35AC of the Income tax Act, renewed the specification of the Sri Sankara Deva Nethralya Phase I Expansion project-covering purchase of equipment, vehicles, furnishing and building construction by Sri Kanchi Sankara Health & Educational Foundation-as an eligible project for tax incentive treatment for a further three year period commencing with the assessment year 2002-2003, following the National Committee's recommendation that the project was being executed properly.