Exemption u/s 35AC - Central Government had specified for construction of building of Arts and Commerce College, Rural Science and Pharmacy College, Industrial Training Institute and Hostel at Shardagram of Shree Bharat Saraswati Mandir Sansad, Gujarat as an eligible project or scheme - S. O. 436(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction of building of Arts and Commerce College, Rural Science and Pharmacy College, Industrial Training Institute and Hostel at Shardagram of Shree Bharat Saraswati Mandir Sansad, Gujarat as an eligible project or scheme NOTIFICATION NO. S. O. 436 ( E ) DATED 20-5-1998 Whereas by Notification Number S. O. 224(E), dated 16th March, 1994, 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 at serial number 2, construction of building of Arts and Commerce College, Rural Science and Pharmacy College, Industrial Training Institute and Hostel at Shardagram of Shree Bharat Saraswati Mandir Sansad, via, Mangrol, District Junagarh, Gujarat, as an eligible project or scheme for a period of two years beginning with the assessment year 1994-95 which was extended for a period of two more years, i.e., assessment years 1997-98 and 1998-99, vide S. O. No. 95(E), dated 2nd February, 1996; And whereas the said project or scheme is likely to extend beyond four 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 the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project of construction of building of Arts and Commerce College, Rural Science and Pharmacy College, Industrial Training Institute and Hostel at Shardagram of Shree Bharat Saraswati Mandir Sansad, via, Mangrol, District Junagarh, Gujarat, at the estimated cost of rupees two crores fifteen lakhs twenty-five thousand only as an eligible project or scheme for a further period of three assessment years commencing from the assessment years 1999-2000. [No. 10612/F. No. NC-29/98]