Exemption u/s 35 AC - Central Government had specified for Construction, furnishing and running of IndianCraftVillage at Calcutta, West Bengal of IndianCraftVillage Trust, West Bengal as an eligible project or scheme - S.O. 921(E) - Income Tax

Exemption u/s 35 AC - Central Government had specified for Construction, furnishing and running of IndianCraftVillage at Calcutta, West Bengal of IndianCraftVillage Trust, West Bengal as an eligible project or scheme NOTIFICATION NO. S.O. 921 ( E ) DATED 29-12-1997 Whereas by Notification Number S.O. 116(E), dated the 23rd February 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 as serial number 15, Construction, furnishing and running of Indian Craft Village at Calcutta, West Bengal of Indian Craft Village Trust, Post Box No. 280, Royal Exchange, 6, N. S. Road, Calcutta, West Bengal 700001, as an eligible project or scheme for a period of three years commencing from the assessment year 1995-96 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, furnishing and running of Indian Craft Village at Calcutta, West Bengal, being carried out by Indian Craft Village Trust, Post Box No. 280, Royal Exchange, 6, N. S. Road, Calcutta, West Bengal 700001, at the estimated cost of rupees six hundred fifty lakhs only as an eligible project or scheme for a further period of three assessment years commencing from the assessment year 1998-99. [No. 10490/F. No. NC-141/97]