Exemption u/s 35AC - Central Government had specified for promotion of watershed development in Konkan region and integrated development of villages in Panvel and Pen talukas of District Raigad, Maharashtra, by Yusuf Meharally Centre, Mumbai, as an eligible project or scheme - 505(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for promotion of watershed development in Konkan region and integrated development of villages in Panvel and Pen talukas of District Raigad, Maharashtra , by Yusuf Meharally Centre, Mumbai, as an eligible project or scheme NOTIFICATION NO. 505(E) DATED 26-5-2000 Whereas by notification of the Government of India in the Ministry of Finance Number S. O. 602(E), dated 12th August, 1993, 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 8, promotion of watershed development in Konkan region and integrated development of villages in Panvel and Pen talukas of District Raigad, Maharashtra, by Yusuf Meharally Centre, National House, 6, Tulloch Road, Apollo Bunder, Mumbai-400 039, as an eligible project or scheme for a period of three years beginning with the assessment year 1994-95, which was extended vide S. O. No. 415(E), dated 7th June, 1996, for a period of three more years beginning with assessment year 1997-98. And whereas the said project or scheme is likely to extend beyond six 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 promotion of watershed development in Konkan region and integrated development of villages in Panvel and Pen talukas of District Raigad, Maharashtra, which is being carried out by Yusuf Meharally Centre, National House, 6, Tulloch Road, Apollo Bunder, Mumbai-400 039, at the estimated cost of rupees three crore twenty-two lakhs fifty thousand only, as an eligible project or scheme for a further period of three years beginning with the assessment year 2000-2001. [No. 11388/F. No. NC-37/2000]