Exemption u/s 35AC - Central Government had specified for construction of SchoolBuilding, land development and building area, Bhiloda, Sabarkantha, Gujarat by Shri Arbuda Seva Sangh as an eligible project or scheme - 322/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for construction of SchoolBuilding, land development and building area, Bhiloda, Sabarkantha, Gujarat by Shri Arbuda Seva Sangh as an eligible project or scheme Notification No : 322 Date of Issue : 27/11/2003 Whereas by notification of the Government of India in the Ministry of Finance Department of Revenue) number S.0.857(E) dated the 14th August, 2002, 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 2, for construction of School Building/compound wall, land development for play ground and building area, Bhiloda, Sabarkantha, Gujarat by Shri Arbuda Seva Sangh, AT P.O, Bhiloda, Taluka: Bhiloda, District Sabarkantha, Gujarat as eligible project or scheme for a period of one year beginning with assessment year 2003-2004,; And whereas the said project or scheme is likely to extend beyond one year; 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 11 M of the Income-tax Rules, 1962 for specifying the said project or scheme for a further period off two 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 School Building/compound wall, land development for play ground and building area, Bhiloda, Sabarkantha, Gujarat which is being carried out by Shri Arbuda Seva Sangh, AT P.O. Bhiloda, Taluka; Bhiloda, District Sabarkantha, Gujarat, at the estimated cost of rupees twenty five lakhs thirteen thousand only, as an eligible project or scheme for a further period of two years commencing from the assessment year 2004-2005. F.No.NC-240/2003