Exemption u/s 35 AC - Central Government had specified the scheme of Krishnamurti Foundation India, Chennai for the construction of sports complex at Chas Kaman Lake, as an eligible project or scheme - S.O.258(E) - Income Tax

Exemption u/s 35 AC - Central Government had specified the scheme of Krishnamurti Foundation India, Chennai for the construction of sports complex at Chas Kaman Lake, as an eligible project or scheme NOTIFICATION NO. S.O.258 ( E ) DATED 27-3-1997 Whereas by notification number S. O. 521(E), dated 14th July, 1994, 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 Krishnamurti Foundation India, 64-65, Greenways Road, Chennai-600 028, for the construction of sports complex at Chas Kaman Lake, as an eligible project or scheme for a period of one year commencing from the assessment year 1995-96 and extended, vide S. O. No. 576(E), dated 27th June, 1995, for a further period of one year, i. e., 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 two 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 Krishnamurti Foundation India, 64-65, Greenways Road, Chennai-600 028, for the construction of sports complex at Chas Kaman Lake, at the estimated cost of rupees twenty-four lakhs and seventy-eight thousand only as an eligible project or scheme for a further period of two assessment years commencing from the assessment year 1997-98, i.e., 1997-98, 1998-99. [No. 10319/F. No. NC-16/97]