Notification u/s 35AC - Notifies the scheme Construction of building for school, hostel and residence quarters at Village Sola, Gujarat” - 55/2012 - Income Tax

Notification No. 55/2012 Dated : 14.05.2012 S.O. 1088 (E)- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S. O. 549(E), dated 2nd July, 1998 , 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 notified at serial number 10, Construction of building for school, hostel and residence quarters at Village Sola, Daskroi Taluk, District Ahmedabad, Gujarat by Shri Apang Abhyudaya Mandal, Sola Gandhinagar Highway, Opp. New High Courts-Sola, Ahmedabad, as an eligible project or scheme for a period of three years beginning with the assessment year 1999-2000, which was extended further vide notification number S. O. 570(E) dated 20th June, 2001, for a period of three years beginning with the assessment year 2002-03, which was extended further vide notification number S. O. 782(E), dated 5th July, 2004, for a period of three years beginning with the financial year 2004-05 and which was extended further vide notification number S. O. 1824(E), dated 26th October, 2006, for a period of two years beginning with the financial year 2007-08 and which was extended further vide notification S. O. No. 851(E), dated 25th March, 2009 , for a further period of three years beginning with the financial year 2009-10 ; And whereas by notification number S.O. 1824(E), dated 26th October, 2006, the estimated cost was enhanced from 32.47 lakh to 100.00 lakh ; And whereas the said project or scheme is likely to extend beyond fourteen 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 extending 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 notifies the scheme or project Construction of building for school, hostel and residence quarters at Village Sola, Daskroi Taluk, District Ahmedabad, Gujarat which is being carried out by Shri Apang Abhyudaya Mandal, Sola Gandhinagar Highway, Opp. New High Courts-Sola, Ahmedabad, without any change in the approved cost of 100.00 lakh, as an eligible project or scheme for a further period of three years beginning with the financial year 2012-13, i.e., 2012-13, 2013-14 and 2014-15. [F. No. V. 27015/2/2012-SO (NAT. COM.)]