Exemption u/s 35AC - Central Government specified the construction and furnishing of sports complex building at Village Memnagar, District Ahmedabad as an eligible project or scheme - S.O.976(E) - Income Tax

Exemption u/s 35AC - Central Government specified the construction and furnishing of sports complex building at Village Memnagar, District Ahmedabad as an eligible project or scheme NOTIFICATION NO. S.O.976 ( E ) DATED 14-12-1995 Whereas by Notification, vide S.O. No. 521(E), dated 14th July, 1994 issued under sub-section (1) read with 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 construction and furnishing of sports complex building at Village Memnagar, District Ahmedabad by the Ahmedabad Government Employees Tennis Association, Ahmedabad, as an eligible project or scheme for a period of one assessment year in relation to the assessment year 1995-96 ; And whereas, the said project or scheme is likely to extend beyond a period of one year ; 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 two years ; Now, therefore, the Central Government in exercise of the powers conferred by sub-section (1) read with clause ( b ) of Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the construction and furnishing of sports complex building at Village Memnagar, District Ahmedabad by the Ahmedabad Government Employees Tennis Association, Ahmedabad, at the estimated cost of rupees sixty one lakhs only as an eligible project or scheme for a further period of two assessment years commencing from the assessment year 1996-97. [No. 9925/F. No. NC-156/95]