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of <h1>Central Government Extends Section 35AC Tax Benefits for Blood Bank Project by Three Years; Project Cost Revised</h1> The Central Government, under section 35AC of the Income-tax Act, 1961, has extended the eligibility of a project for constructing a Blood Bank and Diagnostic Centre in Gujarat by Rotary Organised J.V. Sethia Blood Bank Research and Diagnostic Centre. Initially approved for three years starting from the assessment year 2000-2001, the project is now extended for an additional three years beginning with the assessment year 2003-2004. The project cost has been revised from Rs. 77.00 lakhs to Rs. 87.00 lakhs, as recommended by the National Committee, indicating proper execution of the project.
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