Exemption u/s 35 AC - Central Government had specified the scheme of Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited, Tamil Nadu for construction of roads at Thiruthuraipoondi and Nagapattinam Municipalities in Tamil Nadu, as an eligible project or scheme - S.O.261(E) - Income Tax

Exemption u/s 35 AC - Central Government had specified the scheme of Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited, Tamil Nadu for construction of roads at Thiruthuraipoondi and Nagapattinam Municipalities in Tamil Nadu, as an eligible project or scheme NOTIFICATION NO. S.O.261 ( E ) DATED 27-3-1997 Whereas by notification number S. O. 116(E), dated 23rd February, 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 Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited, No. 84, T. T. K. Road, Tamilarasi Building, Alwarpet, Chennai, Tamil Nadu, for construction of roads at Thiruthuraipoondi and Nagapattinam Municipalities in Tamil Nadu, as an eligible project or scheme for a period of two 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 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 Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited, No. 84, T. T. K. Road, Tamilarasi Building, Alwarpet, Chennai, Tamil Nadu, for construction of roads at Thiruthuraipoondi and Nagapattinam Municipalities in Tamil Nadu, at the estimated cost of rupees thirty-five lakhs 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 and 1998-99. [No. 10322/F. No. NC-16/97]