Exemption u/s 35AC - Central Government had specified for construction, equipments and furnishing a building for Degree College at Ghumarwin, District Bilaspur, Himachal Pradesh of the Associated Cement Companies Limited, Mumbai as an eligible project or scheme - S. O. 405(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction, equipments and furnishing a building for Degree College at Ghumarwin, District Bilaspur, Himachal Pradesh of the Associated Cement Companies Limited, Mumbai as an eligible project or scheme NOTIFICATION NO. S. O. 405 ( E ) DATED 15-5-1998 Whereas by Notification Number S. O. 187(E), dated 12th March, 1997, 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 3, construction, equipments and furnishing a building for Degree College at Ghumarwin, District Bilaspur, Himachal Pradesh of the Associated Cement Companies Limited, Cement House, 121, Maharishi Karve Road, Mumbai-400 020 as an eligible project or scheme for a period of two years beginning with the assessment year 1997-98; 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 one year and enhancing the approved cost to rupees six hundred one lakhs twenty three thousand only; 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 construction, equipments and furnishing a building for Degree College at Ghumarwin, District Bilaspur, Himachal Pradesh of the Associated Cement Companies Limited, Cement House, 121, Maharishi Karve Road, Mumbai-400 020, at the estimated cost of rupees six hundred one lakh twenty-three thousand only for a further period of one year, i.e., assessment year 1999-2000 and enhancing the approved cost to rupees six hundred one lakh twenty-three thousand only. [No. 10589/F. No. NC 29/98]