Exemption u/s 35 AC - Central Government had specified for development and extension of educational, medical and sports facilities to rural areas in 50 villages around Ankleshwar of Ankleshwar Industrial Development Society, Ankleshwar as an eligible project or scheme - S.O. 216(E) - Income Tax

Exemption u/s 35 AC - Central Government had specified for development and extension of educational, medical and sports facilities to rural areas in 50 villages around Ankleshwar of Ankleshwar Industrial Development Society, Ankleshwar as an eligible project or scheme NOTIFICATION NO. S.O. 216 ( E ) DATED 16-3-1998 Whereas by Notification No. S. O. 228(E), dated 17th March, 1994, issued under sub-section (1) read with clause ( b ) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 5, development and extension of educational, medical and sports facilities to rural areas (through construction of school building, centre of education and rooms in schools with provision of equipment, mobile educational van, hospital building with equipment, mobile medical unit and prevention and cure of occupational diseases and ground tracks and auditorium/stadium) in 50 villages around Ankleshwar of Ankleshwar Industrial Development Society, K-1/205, GIDC Industrial Estate, Post Box No. 24, Ankleshwar--393002 as an eligible project or scheme for a period of three years beginning with the assessment year 1994-95 which was extended for a further period of two years ending with the assessment year 1998-99, vide S. O. No. 218(E), dated 19th March, 1996 : And whereas the said project or scheme is likely to extend beyond five 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 the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project of development and extension of educational, medical and sports facilities to rural areas (through construction of school building, centre of education and rooms in schools with provision of equipment, mobile educational van, hospital building with equipment, mobile medical unit and prevention and cure of occupational diseases and ground tracks and auditorium/stadium) in 50 villages around Ankleshwar of Ankleshwar Industrial Development Society, K-1/205, GIDC Industrial Estate, Post Box No. 24, Ankleshwar---393 002, at the estimated cost of rupees six hundred lakhs only as an eligible project or scheme for a further period of two assessment years commencing from the assessment year 1999-2000. [No. 10554/F. No. NC--9/98]