Exemption u/s 35AC - Central Government had specified for Basketball Complex Indore of Corporation (Area) Basketball Complex Indore, Madhya Pradesh, as an eligible project or scheme - S. O. 310(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for Basketball Complex Indore of Corporation (Area) Basketball Complex Indore , Madhya Pradesh, as an eligible project or scheme NOTIFICATION NO. S. O. 310 ( E ) DATED 11-5-1999 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 839(E), dated 22nd November, 1994, issued under subsection (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 14---Basketball Complex at Race Course Road, Indore of Corporation (Area) Basketball Complex at Race Course Road, Indore, Madhya Pradesh, as an eligible project or scheme for a period of three years beginning with the assessment year 1995-96, which was further extended vide S. O. No. 213(E), dated 17th March, 1997, by a period of two more years commencing from the assessment year 1998-99. 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 three years and amending the project cost from Rs. 443 lakhs to Rs. 1,600 lakhs: 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 project or scheme of the Basketball Complex at Race Course Road, Indore, which are being carried out by Corporation (Area) Basketball Trust, Race Course Road, Indore, Madhya Pradesh, at the estimated cost of rupees sixteen crores as an eligible project or scheme for a further period of three assessment years commencing from the assessment year 2000-2001. [No. 10906/F. No. NC-39/99]