Exemption u/s 35 AC - Central Government had specified for construction and furnishing of sports complex building at village Memnagar, of the Ahmedabad Government Employees Tennis Association, Gujarat Tennis Academy, Ahmedabad as an eligible project or scheme - S.O. 915(E) - Income Tax

Exemption u/s 35 AC - Central Government had specified for construction and furnishing of sports complex building at village Memnagar, of the Ahmedabad Government Employees Tennis Association, Gujarat Tennis Academy, Ahmedabad as an eligible project or scheme NOTIFICATION NO. S.O. 915 ( E ) DATED 29-12-1997 Whereas by Notification Number S. O. 521(E), dated the 14th July, 1994, issued under sub-section (1) read with clause ( b ) of Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 12, construction and furnishing of sports complex building at village Memnagar, District Ahmedabad, Gujarat of the Ahmedabad Government Employees Tennis Association, Gujarat Tennis Academy, Gurukul Road, Memnagar, Ahmedabad-390052 as an eligible project or scheme for a period of one year i.e., assessment year 1995-96 And whereas by Notification Number S. O. 976(E), dated 14th December, 1995, the said project or scheme was specified as an eligibile project or scheme for a further period of two years commencing from the assessment year 1996-97; 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 two years Now, therefore, the Central Government, in exercise of the powers conferred by sub-section (1) read with clause ( b ) of Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project construction and furnishing of sports complex building at village Memnagar, District Ahmedabad, Gujarat which is being carried out by the Ahmedabad Government Employees Tennis Association, Gujarat Tennis Academy, Gurukul Road, Memnagar, Ahmedabad-390052 at the estimated cost of rupees two hundred ten lakhs only as an eligible project or scheme for a further period of three assessment years commencing from the assessment year 1999-2000. [No. 10484/F. No. NC-141/97]