Exemption u/s 35AC - Approved Sihor Education Foundation as an eligible Project or scheme - S.O.538(E) - Income Tax

Exemption u/s 35AC - Approved Sihor Education Foundation as an eligible Project or scheme NOTIFICATION NO. S.O.538(E) DATED 20-6-2001 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), the Central Government, on the recommendations of the National Committee hereby approves the institution mentioned in column (2) of the table below and specifies the eligible project or scheme and the estimated cost thereof as mentioned in column (3) of the said table and also specifies in the column (4) of the s aid table, the maximum amount of such cost which may be allowed as deduction under the said section 35AC, namely:-- Serial No. Name of the institution Project or scheme and estimated cost thereof Maximum amount of cost to be allowed as deduction under section 35AC (1) (2) (3) (4) 1. Sihor Education Foundation, C/o. N. M. Bhuta College of Commerce and Management, Sihor District, Bhavnagar-364 240 Construction of building for col- lege, auditorium, hostel for stu- dents, staff quarters and prin-cipal's bungalow, purchase of fixtures, equipments/vehicles, furnishing and running of col- lege of commerce and manage ment likely to cost Rs. 487.85 lakhs including a corpus fund of Rs. 145 lakhs Rs. 480.62 lakhs including a cor- pus fund of Rs.145 lakhs 2. This notification shall remain in force for a period of three years in relation to the assessment years 2002-2003, 2003-2004 and 2004-2005 in respect of project and scheme mentioned in the Table. [No. 152-2001-F. No. N.C. 61-2001]