Exemption u/s 35AC - Central Government had specified for the construction of houses under social housing project by Maria Seva Sangha, Bangalore, as an eligible project or scheme - 11494 - Income Tax

Exemption u/s 35AC - Central Government had specified for the construction of houses under social housing project by Maria Seva Sangha, Bangalore , as an eligible project or scheme NOTIFICATION NO. 11494 DATED 21-9-2000 Whereas by notification of the Government of India in the Ministry of Finance number S.O. 54(E), dated the 16th January, 1998 [published at (1998) 144 CTR (St) 40], 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 17, the construction of houses under social housing project at Sannathammanahalli, K.R. Puram Taluka, Bangalore South, Karnataka, by Maria Seva Sangha, Villa Maria, No. 12, Rest House Road, Bangalore, as an eligible project or scheme for a period of three years beginning with assessment year 1998-99; 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 of houses under social housing project at Sannathammanahalli, K.R. Puram Taluka, Bangalore South, Karnataka, which is being carried out by Maria Seva Sangha, Villa Maria, No. 12, Rest House Road, Bangalore, at the estimated cost of rupees one hundred lakhs only, as an eligible project or scheme for a further period of three years beginning with assessment year 2001-2002. [F. No. NC-73/2000]