Exemption u/s 35AC - Central Government had specified for Sports Coaching Foundation capital Nature Project; Sports Coaching Foundation Revenue Nature Project by the Sports Coaching Foundation, Hyderabad, as an eligible project or scheme - S.O.550(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for Sports Coaching Foundation capital Nature Project; Sports Coaching Foundation Revenue Nature Project by the Sports Coaching Foundation, Hyderabad , as an eligible project or scheme NOTIFICATION NO. S.O.550(E) DATED 20-6-2001 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 713(E), dated the 8th August, 1995, as amended by S.O. 188(E), dated the 12th March, 1997, 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 4, for ( a ) Sports Coaching Foundation capital Nature Project; ( b ) Sports Coaching Foundation Revenue Nature Project at Masab Tank, Hyderabad, Andhra Pradesh, by the Sports Coaching Foundation, 203, Crescent Towers, Masab Tank, Hyderabad-500028, as an eligible project or scheme for a period of three years beginning with the assessment year 1996-1997 which was extended further vide Notification Number S.O. 552(E), dated the 2nd July, 19981 for a period of three years beginning with the assessment year 1999-2000; And whereas the said project or scheme is likely to extend beyond six years; And whereas the National Committee has, 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 ( a ) Sports Coaching Foundation Capital Nature Project; ( b ) Sports Coaching Foundation Revenue Nature Project at Masab Tank, Hyderabad, Andhra Pradesh, which is being carried out by the Sports Coaching Foundation, 203, Crescent Towers, Masab Tank, Hyderabad-500028, at the estimated cost of rupees forty two lakhs eighty six thousand only, as an eligible project or scheme for a further period of three years beginning with the assessment year 2002-2003. [No. 164-2001-F.No. N.C. 61-2001]