Exemption u/s 35 AC - Central Government had specified the scheme of Shri Sathya Sai Central Trust, Prasanthi Nilayam, District Anantapur, Andhra Pradesh for drinking water supply project in District Anantapur, Andhra Pradesh as an eligible project or scheme - S.O.267(E) - Income Tax

Exemption u/s 35 AC - Central Government had specified the scheme of Shri Sathya Sai Central Trust, Prasanthi Nilayam, District Anantapur, Andhra Pradesh for drinking water supply project in District Anantapur, Andhra Pradesh as an eligible project or scheme NOTIFICATION NO. S.O.267 ( E ) DATED 27-3-1997 Whereas by notification number S. O. 471(E), dated 26th May, 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 Shri Sathya Sai Central Trust, Prasanthi Nilayam, District Anantapur, Andhra Pradesh, for drinking water supply project in District Anantapur, Andhra Pradesh as an eligible project or scheme for a period of one year in relation to the assessment year 1996-97 and extended by S. O. 408(E), dated 6th June, 1996, for a further period of year, i.e., 1997-98. And whereas the said project or scheme is likely to extend beyond one year; 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 Shri Sathya Sai Central Trust, Prasanthi Nilayam, District Anantapur, Andhra Pradesh, for drinking water supply project in District Anantapur, Andhra Pradesh, at the estimated cost of rupees one hundred seventy-eight crores fifty lakhs only as an eligible project or scheme for a further period of two assessment years commencing from the assessment year 1998-99, i.e., 1998-99 and 1999-2000. [No. 10328/F. No. NC-16/97]