Exemption u/s 35 AC - Central Government specified the construction of building with furnishing and fixtures for establishing a centre at Nadiad, by Mafatlal Industries Limited, Ahmedabad as an eligible project or scheme - S.O.217(E) - Income Tax

Exemption u/s 35 AC - Central Government specified the construction of building with furnishing and fixtures for establishing a centre at Nadiad, by Mafatlal Industries Limited, Ahmedabad as an eligible project or scheme NOTIFICATION NO. S.O.217 ( E ) DATED 19-3-1996 Whereas by notification, vide S. O. No. 522(E), dated 14th July, 1996, 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 SI. No. 1, the construction of building with furnishing and fixtures for establishing a centre at Nadiad, by Mafatlal Industries Limited, Ahmedabad, as an eligible project or scheme for a period of two assessment years commencing from the assessment year 1995-96 ; 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 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 specifies the scheme of the construction of building with furnishing and fixtures for establishing centre at Nadiad, which is being carried out by Mafatlal Industries Limited, Ahmedabad, at the estimated cost of rupees one crore twenty lakhs only as an eligible project or scheme for a further period of three assessment years commencing from the assessment year 1997-98. [No. 10021/F. No. NC-15/96]