Exemption u/s 35 AC - Central Government had specified the scheme of Corporation (Area), Basketball Trust, Indore for the Basket ball complex at Indore as an eligible project or scheme - S.O.213(E) - Income Tax

Exemption u/s 35 AC - Central Government had specified the scheme of Corporation (Area), Basketball Trust, Indore for the Basket ball complex at Indore as an eligible project or scheme NOTIFICATION NO. S.O.213 ( E ) DATED 17-3-1997 Whereas by notification number S. O. 839(E), dated 22nd November, 1994, issued under clause ( b ) of Explanation to section 35AC of the Income-tax Act, 1961, (43 of 1961), the Central Government had specified the scheme of Corporation (Area), Basketball Trust, Indore for the Basket ball complex at Indore, as an eligible project or scheme for a period of three years commencing from the assessment year 1995-96; 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 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 clause ( b ) of Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the project or scheme of Corporation (Area) Basketball Trust, Indore for the Basket ball complex at Indore, at the estimated cost of rupees four crores forty three lakhs only as an eligible project or scheme for a further period of two assessment years, commencing from assessment year 1998-99, i.e., 1998-99 and 1999-2000. [No. 10299/F. No. NC-15/97]