Exemption u/s 35AC - Central Government had specified for Construction, equipments, furnishing and running of vocational training centre at Andheri, Bombay by The Bombay Young Men's Christian Association as an eligible project or scheme - 085/2005- S.O. 374(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for Construction, equipments, furnishing and running of vocational training centre at Andheri, Bombay by The Bombay Young Men's Christian Association as an eligible project or scheme NOTIFICATION NO. 85/2005, DATED 23-3-2005 S.O. 374(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 791(E) dated the 18 th September, 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, for Construction, equipments, furnishing and running of vocational training centre at Andheri, Bombay by The Bombay Young Men's Christian Association, Y.M.C.A. Road, Bombay Central, Bombay-400008, as an eligible project or scheme for a period of two years beginning with assessment year 1996-1997 which was extended further vide notification number S.O. 255(E) dated the 27 th March, 1997 for a period of three years beginning with assessment year 1998-1999 and which was extended vide notification number S.O. 853(E) dated the 21 st September, 2000 for a period of three years beginning with assessment year 2001-2002; And whereas the said project or scheme is likely to extend beyond eight years; And whereas the National Committee for Promotion of Social and Economic Welfare, 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 subsection (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 for Construction, equipments, furnishing and running of vocational training centre at Andheri, Bombay, which is being carried out by The Bombay Young Men's Christian Association, Y.M.C.A. Road, Bombay Central, Bombay-400008, without any change in the approved cost i.e. ₹ 42.73 lakhs, as an eligible project or scheme for a further period of three years commencing from the financial year 2003-2004. [F.No. NC-270/01/2005]