Exemption u/s 35 AC - Central Government had specified for Construction of swimming pool complex with facilities of boarding and lodging for the swimmers and a modern gymnasium at Basavanagudi, and running of Basavanagudi Aquatic Centre, Bangalore as an eligible project or scheme - S.O. 919(E) - Income Tax

Exemption u/s 35 AC - Central Government had specified for Construction of swimming pool complex with facilities of boarding and lodging for the swimmers and a modern gymnasium at Basavanagudi, and running of Basavanagudi Aquatic Centre, Bangalore as an eligible project or scheme NOTIFICATION NO. S.O. 919 ( E ) DATED 29-12-1997 Whereas by Notification Number S. O. 402(E), dated the 3rd May 1995, issued under sub-section (1) read with clause ( b ) of Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 10, Construction of swimming pool complex with facilities of boarding and lodging for the swimmers and a modern gymnasium at Basavanagudi, near National College, Bangalore and running of Basavanagudi Aquatic Centre, Shankar Prasad, No. 34, Shankar Mutt Road, Basavangudi, Bangalore-560004, as an eligible project or scheme for a period of three years commencing from the assessment year 1996-97 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 being 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 three years Now, therefore, the Central Government, in exercise of the powers conferred by sub-section (1) read with clause ( b ) of Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project Construction of swimming pool complex with facilities of boarding and lodging for the swimmers and a modern gymnasium at Basavanagudi, near National College, Bangalore and running, being carried out by Basavanagudi Aquatic Centre, Shankar Prasad, No. 34, Shankar Mutt Road, Basavangudi, Bangalore-560004, at the estimated cost of rupees one hundred lakhs thirthy thousand only as an eligible project or scheme for a further period of three assessment years commencing from the assessment year 1999-2000. [No. 10488/F. No. NC-141/97]