U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Shri Bharat Saraswati Mandir Sansad, Gujarat - S.O. 95(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 02th Feb, 1996 S.O. 95(E) - WHEREAS by notification vide SO 224(E), dated 16-3-1994 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 the scheme at serial number 12 the construction of building of Arts and Commerce College, Rural Science and Pharmacy College, Industrial Training Institute and Hostel at Shardagram, by Shri Bharat Saraswati Mandir Sansad, Gujarat, as an eligible project or scheme for a period of two assessment years commencing from the assessment year 1994-95; AND WHEREAS the said project or scheme is likely to extend beyond two years; AND WHEREAS the National Committee being satisfied that the said project or scheme is 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 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 construction of building of Arts and Commerce College, Rural Science and Pharmacy College, Industrial Training Institute Hostel at Shardagram, which are being carried out by Shri Bharat Saraswati Mandir Sansad, Gujarat, at the estimated cost of rupees two crores fifteen lakhs twenty-five thousand only as an eligible project or scheme for a further period of two assessment years commencing from the assessment year 1997-98.