Exemption u/s 35 AC - Central Government had specified the scheme of Mahyco Research Foundation Trust, Rajmahal, Bombay as an eligible project or scheme - S.O.266(E) - Income Tax

Exemption u/s 35 AC - Central Government had specified the scheme of Mahyco Research Foundation Trust, Rajmahal, Bombay as an eligible project or scheme NOTIFICATION NO. S.O.266 ( E ) DATED 27-3-1997 Whereas by notification number S. O. 729(E), dated 29th September, 1993, 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 Mahyco Research Foundation Trust, Rajmahal, Veer Nariman Road, Bombay-400 020, for Phase II of Shri Ganapati Netralaya at Jalana, District Jalana (Maharashtra) as an eligible project or scheme for a period of three years commencing from the assessment year 1994-95. 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 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 Mahyco Research Foundation Trust, Rajmahal, Veer Nariman Road, Bombay-400 020, for Phase II of Shri Ganapati Netralaya at Jalana, District Jalana (Maharashtra), at the estimated cost of rupees seven crores eight lakhs and seventy-five thousand only as an eligible project or scheme for a further period of three assessment years commencing from the assessment year 1997-98, i.e., 1997-98, 1998-99 and 1999-2000. [No. 10327/F. No. NC-16/97]