Exemption u/s 35AC - Central Government had specified for construction of school buildings by Rutumbhara Education and Vikas Trust, Gujarat, as an eligible project or scheme - S.O.541(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction of school buildings by Rutumbhara Education and Vikas Trust, Gujarat , as an eligible project or scheme NOTIFICATION NO. S.O.541(E) DATED 20-6-2001 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 791(E), dated the 18th September, 1995, issued under 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 11, for construction of school buildings at Sadatpur, Idar, Sabarkantha, Gujarat, by Rutumbhara Education and Vikas Trust, Sadatpura, P.O. Sapawada, Tal. Idar, District Sabarkantha, Gujarat, as an eligible project or scheme for a period of three years beginning with the assessment year 1996-97 which was extended further vide Notification No. S. 0. 747(E), dated the 10th September, 19991, for a period of three years beginning with the assessment year 1999-2000; And whereas the said project or scheme is likely to extend beyond six years; And whereas the National Committee has, 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; 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 of school buildings at Sadatpur, Idar, Sabarkantha, Gujarat, which is being carried out by Rutumbhara Education and Vikas Trust, Sadatpura, P.O. Sapawada, Tal. Idar, District Sabarkantha, Gujarat, at the estimated cost of rupees seventeen lakhs sixty three thousand only, as an eligible project or scheme for a further period of three years beginning with the assessment year 2002-2003. [No. 155-2001-F. No. N.C. 61-2001]