Notify under section 35AC- Digging of tube-wells for providing potable drinking water, repairing of schools, promotion/improvement of agricultural activities and providing medical facilities in various villages in Keonjhar District of Orissa, by Tata Sponge Iron Limited, P.O. Joda, District Keonjhar, Orissa - S.O. 1270(E) - Income Tax

NOTIFICATION New Delhi, the 28 th December, 2001 S.O. 1270(E).- Whereas by notification of the Government of India in the Ministry of Finance number S.O.97(E) dated the 11 th February, 1999, issued under 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, for Digging of tube-wells for providing potable drinking water, repairing of schools, promotion/improvement of agricultural activities and providing medical facilities in various villages in Keonjhar District of Orissa, by Tata Sponge Iron Limited, P.O. Joda, District Keonjhar, Orissa, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000; And whereas the said project or scheme is likely to extend beyond three years; And whereas the National Committee has, being satisfied that the 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 and amending the project cost from ₹ 10.00 lakhs to ₹ 30.00 lakhs; Now, therefore, the Central Government, in exercise of the powers conferred by subsection (1), read with clause (b) of the Explanation to section 35 AC, of the Income-tax Act, 1961 (43 of 1961),- (a) hereby specifes the scheme or project of Digging of tube-wells for providing potable drinking water, repairing of schools, promotion/improvement of agricultural activities and providing medical facilities in various villages in Keonjhar District of Orissa, which is being carried out by Tata Sponge Iron Limited, P, O. Joda, District Keonjhar, Orissa, as an eligible project or scheme for a further period of three years commencing from assessment year 2002-2003; and (b) further amends the said notification number S.O.97(E) dated the 11th February, 1999, to the following effect, namely:- In the said notification, in the Table against serial number 2, in column (4) relating to maximum cost to be allowed, for the letters, figures and word ₹ 10.00 lakhs , the letters, figures and word ₹ 30.00 lakhs shall be substituted. [No. 375-2001/F. No. NC-118/2001] G. C. SRIVASTAVA, Secy. (N. C.)