Exemption u/s 35AC - Central Government had specified for construction and furnishing of sports hostels "Faqir Kutir" for resource persons and "Arohan" for the youth of Sri Aurobindo Ahsram-Delhi Branch, New Delhi as an eligible project or scheme - S. O. 678(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction and furnishing of sports hostels "Faqir Kutir" for resource persons and "Arohan" for the youth of Sri Aurobindo Ahsram-Delhi Branch, New Delhi as an eligible project or scheme NOTIFICATION NO. S. O. 678 ( E ) DATED 11-8-1998 Whereas by notification Number S. O. 471(E), dated 26th May, 1995, 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 7, construction and furnishing of sports hostels "Faqir Kutir" for resource persons and "Arohan" for the youth at Van Niwas, Nainital, Uttar Pradesh of Sri Aurobindo Ahsram-Delhi Branch, Sri Aurobindo Marg, New Delhi-110 016 as an eligible project or scheme for a period of three years beginning with 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 the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project of construction and furnishing of sports hostels "Faqir Kutir" for resource persons and "Arohan" for the youth at Van Niwas, Nainital, Uttar Pradesh of Sri Aurobindo Ahsram-Delhi Branch, Sri Aurobindo Marg, New Delhi-110 016 at the estimated cost of rupees one hundred lakh fifty-nine thousand only as an eligible project or scheme for a further period of three assessment years commencing from assessment year 1999-2000. [No. 10659/F. No. NC-80/98]