Exemption u/s 35 AC - Central Government had specified the scheme of the Bombay Youngmen's Christian Association, Mumbai as an eligible project or scheme - S.O.255(E) - Income Tax

Exemption u/s 35 AC - Central Government had specified the scheme of the Bombay Youngmen's Christian Association, Mumbai as an eligible project or scheme NOTIFICATION NO. S.O.255 ( E ) DATED 27-3-1997 Whereas by notification number S. O. 791(E), dated 18th September, 1995, issued under clause ( b ) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified the scheme of the Bombay Youngmen's Christian Association, Y. M. C. A. Road, Bombay Central, Mumbai-400 008, for construction, equipment, furnishing and running of vocational training centre at Andheri, Mumbai, as an eligible project or scheme for a period of two years commencing from the assessment year 1996-97; 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 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 the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme of Bombay Youngmen's Christian Association, Y. M. C. A. Road, Bombay Central, Mumbai-400 008, for construction, equipment, furnishing and running of vocational training centre at Andheri, Mumbai, at the estimated cost of rupees forty-two lakhs seventy-three thousand only as an eligible project or scheme for a further period of three assessment years commencing from the assessment year 1998-99, i.e., 1998-99, 1999-2000 and 2000-2001. [No. 10316/F. No. NC-16/97]