Exemption u/s 35 AC - Central Government had specified the development and extension of educational, medical and sports facilities to rural areas in 50 villages around Ankleshwar, by the Ankleshwar Industrial Development Society, Ankleshwar as an eligible project or scheme - S.O.218(E) - Income Tax

Exemption u/s 35 AC - Central Government had specified the development and extension of educational, medical and sports facilities to rural areas in 50 villages around Ankleshwar, by the Ankleshwar Industrial Development Society, Ankleshwar as an eligible project or scheme NOTIFICATION NO. S.O.218 ( E ) DATED 19-3-1996 Whereas by notification, vide S. O. No. 228(E), dated 17th March, 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. 5, the development and extension of educational, medical and sports facilities to rural areas in 50 villages around Ankleshwar, by the Ankleshwar Industrial Development Society, Ankleshwar, as an eligible project or scheme for a period of three assessment years commencing from the assessment year 1996-95 ; And whereas the said project or scheme is likely to extend beyond three 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 scheme of development and extension of educational, medical and sports facilities to rural areas in 50 villages around Ankleshwar, which are being carried out by Ankleshwar, Industrial Development Society, Ankleshwar, at the estimated cost of rupees six crores only as an eligible project or scheme for a further period of two assessment years commencing from the assessment year 1997-98. [No. 10022/F. No. NC-15/96]