Exemption u/s 35 AC - Central Government specified the development project of Salumbre area covering ten villages in Pune District, Maharashtra, by the Poona North Rotary Charitable Trust, Pune as an eligible project or scheme - S.O.407(E) - Income Tax

Exemption u/s 35 AC - Central Government specified the development project of Salumbre area covering ten villages in Pune District, Maharashtra, by the Poona North Rotary Charitable Trust, Pune as an eligible project or scheme NOTIFICATION NO. S.O.407 ( E ) DATED 6-6-1996 Whereas by notification, vide S. O. No. 216(E), dated 30th March, 1993, issued under sub-section (1) read with clause ( b ) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified the scheme at serial number 10, the development project of Salumbre area covering ten villages in Pune District, Maharashtra, by the Poona North Rotary Charitable Trust, Pune, as an eligible project or scheme for a period of three years commencing from the assessment year 1996-95 ; And whereas the said project or scheme is likely to extend beyond three years ; And whereas the National Committee being satisfied that the said project or scheme is executed properly, made a further recommendation under sub-rule (5) of rule 11M of the Income-tax Rules, 1962, for specifying the said project or scheme for a further period of two years ; Now, therefore, the Central Government in exercise of the powers conferred by sub-section (1) read with clause ( b ) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme of development project for Salumbre area covering ten villages in Pune District, Maharashtra, which are being carried out by the Poona North Rotary Charitable Trust, Pune, at the estimated cost of rupees fifty-nine lakhs ninety-two thousand only as an eligible project or scheme for a further period of two assessment years, i.e., assessment years 1997-98 and 1998-99. [No. 10111/F. No. NC-73/96]