Exemption u/s 35AC - Central Government had specified regarding Construction of building, equipments of Eye Research Training Centre at Veerayatan, Rajgir, Nalanda, Bihar, by Veerayatan, Rajgir (Nalanda) as an eligible project or scheme - 232/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified regarding Construction of building, equipments of Eye Research Training Centre at Veerayatan, Rajgir, Nalanda, Bihar , by Veerayatan, Rajgir (Nalanda) as an eligible project or scheme Income Tax Notification No. 232/2003 Dated 29 th September. 2003 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.862 (E) dated the 12 th December, 1997, 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 21, for Construction of building, equipments of Eye Research Training Centre at Veerayatan, Rajgir, Nalanda, Bihar, by Veerayatan, Rajgir (Nalanda), Bihar-803116, as an eligible project or scheme for a period of three years beginning with assessment year 1998-1999 and which was extended further vide notification number S.O.636(E) dated the 5 th July, 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 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 Construction of building, equipments of Eye Research Training Centre at Veerayatan, Rajgir, Nalanda, Bihar, which is being carried out by Veerayatan, Rajgir (Nalanda), Bihar-803116, at the estimated cost of rupees one crore seventy lakhs only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2004-2005. Sd/- (A.J. Majumdar) Secretary (National Committee) F. No. NC-189/2003