Exemption u/s 35AC - Central Government had specified for construction, furnishing and running of South Block of Ashram Sravana Old Age Home and Eye-cum-General Hospital the Care of the Aged, Kakinada as an eligible project or scheme - S. O. 427(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction, furnishing and running of South Block of Ashram Sravana Old Age Home and Eye-cum-General Hospital the Care of the Aged, Kakinada as an eligible project or scheme NOTIFICATION NO. S. O. 427 ( E ) DATED 19-5-1998 Whereas by Notification Number S. O. 973(E), dated 14th December, 1995, 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 9, construction, furnishing and running of South Block of Ashram Sravana Old Age Home and Eye-cum-General Hospital at Ramanayyapeta village, near Kakinada Town of Association for the Care of the Aged, House No. 8-14-1, Mahalakshmi Nilayam, Gandhi Nagar, Kakinada-4 as an eligible project or scheme for a period of three years beginning with 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 the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project of construction, furnishing and running of South Block of Ashram Sravana Old Age Home and Eye-cum-General Hospital at Ramanayyapeta village, near Kakinada Town of Association for the Care of the Aged, House No. 8-14-1, Mahalakshmi Nilayam, Gandhi Nagar, Kakinada-4, at the estimated cost of rupees nine lakhs seventy thousand only as an eligible project or scheme for a further period of two assessment years commencing from the assessment year 1999-2000. [No. 10604/F. No. NC-29/98]