Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Health for Digging of tube-wells for providing potable drinking water and other facilities in various villages in Keonjhar District of Orissa by Tata Sponge Iron Limited - 406/2002 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Health for Digging of tube-wells for providing potable drinking water and other facilities in various villages in Keonjhar District of Orissa by Tata Sponge Iron Limited NOTIFICATION NO. 406 Dated 30th December. 2002 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.0.97(E) dated the 11th February, 1999 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 Digging of tube-wells for providing potable drinking water, repairing of schools, promotion/improvement of agricultural activities and providing medical facilities in various villages in Keonjhar District of Orissa by Tata Sponge Iron Limited, P.O. Joda. Distt. Keonjhar, Orissa as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000: which was extended further vide notification number S.0.1270(E) dated 28th December, 2001 for a further period of three years beginning with assessment year 2002-2003. And whereas, the said project or scheme is likely to extend beyond six years; And whereas, the National Committee, being satisfied that the 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 modifying the project and incorporating construction of school buildings purchase of library books, purchase of medicines, training on family planning, health and hygiene and encouragement of sports: 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),- (a) hereby specifies the scheme or project of construction of school buildings purchase of library books, purchase of medicines, training on family planning, health and hygiene and encouragement of sports by Tata Sponge Iron Limited, P.O. Joda, Distt. Keonjhar, Orissa as an eligible project or scheme; and (b) further amends the said notification number S.0.97(E) dated the 11th February, 1999, to the following effect, namely:- In the said notification, in the Table against serial number 3, for column (3) and the entries relating thereto the following shall be substituted, namely:- "construction of school buildings purchase of library books, purchase of medicines. training on family planning, health and hygiene and encouragement of sports: at a cost of Rs.30.00 lakhs". Sd/- (G.C.Srivastava) Secretary (National Committee) F.No. NC-138/2002