Exemption u/s 35AC - Central Govt. has specified the construction of arts and commerce college at Karvenagar, Pune, as an eligible project or scheme - 722(E) - Income Tax

Exemption u/s 35AC - Central Govt. has specified the construction of arts and commerce college at Karvenagar, Pune, as an eligible project or scheme NOTIFICATION NO. 722 ( E ) DATED 17-8-1995 Whereas by Notification No. S.O. 267(E), dated 29th March, 1994, issued under clause ( b ) of Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified, at serial number 12, the ( a ) construction of arts and commerce college at Karvenagar, Pune, in which 75 per cent. beneficiaries will belong to economic and other backward classes likely to cost Rs. 31.61 lakhs ; ( b ) construction of Phase III of Maharshi Karve Stree Shikshan Samastha Cummins College of Engineering at Karvenagar, Pune, for imparting education to 180 students in three disciplines of Engineering ; likely to cost Rs. 59.80 lakhs ; ( c ) construction of first floor including kitchen and dining unit above Venubai hostel block at Hignee Stree Shikshan Samastha to accomodate 226 students belonging to weaker sections and studying in one of the institutions run by Maharshi Karve Stree Shikshan Samastha, out of 61 students will be provided mess facilities free of cost and 166 students will be provided mess facilities at half rates likely to cost Rs. 15.76 lakhs of the Maharshi Karve Stree Shikshan, Karvenagar, Pune, 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 three years ; And whereas, the National Committee has, 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 clause ( b ) of Explanation to section 35AC of the Income-tax Act, 1961, hereby specifies the ( a ) construction of arts and commerce college at Karvenagar, Pune, in which 75 per cent. beneficiaries will belong to economic and other backward classes likely to cost Rs. 31.61 lakhs ; ( b ) construction of Phase III of Maharshi Karve Stree Shikshan Samastha Cummins College of Engineering at Karvenagar, Pune, for imparting education to 180 students in three disciplines of Engineering ; likely to cost Rs. 59.80 lakhs ; ( c ) construction of first floor including kitchen and dining unit above Venubai hostel block at Hignee Stree Shikshan Samastha to accomodate 226 students belonging to weaker sections and studying in one of the institutions run by Maharshi Karve Stree Shikshan Samastha, out of which 61 students will be provided mess facilities free of cost and 166 students will be provided mess facilities at half rates likely to cost Rs. 15.76 lakhs of the Maharshi Karve Stree Shikshan Samastha, Karvenagar, Pune,as an eligible project or scheme for a further period of three assessment years commencing from the assessment year 1996-97. [No. 9840/F. No. NC-77/95]