Exemption u/s 35AC - Central Government had specified for construction and furnishing of Sports Hostels "Faquir Kutir" for resource persons and "Arohan" for the youth by Sri Aurobindo Ashram-Delhi Branch, New Delhi, as an eligible project or scheme - S.O.540(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction and furnishing of Sports Hostels "Faquir Kutir" for resource persons and "Arohan" for the youth by Sri Aurobindo Ashram-Delhi Branch, New Delhi, as an eligible project or scheme NOTIFICATION NO. S.O.540(E) DATED 20-6-2001 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 471(E), dated the 26th May, 19951, 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 7, for construction and furnishing of Sports Hostels "Faquir Kutir" for resource persons and "Arohan" for the youth at Van Niwas, Nainital, Uttar Pradesh by Sri Aurobindo Ashram-Delhi Branch, Sri Aurobindo Marg, New Delhi-110016, 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. 678(E), dated the 11th August, 1998, 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 and furnishing of Sports Hostels "Faquir Kutir" for resource persons and "Arohan" for the youth at Van Niwas, Nainital, Uttar Pradesh, which is being carried out by Sri Aurobindo Ashram-Delhi Branch, Sri Aurobindo Marg, New Delhi-110016, at the estimated cost of rupees one crores fifty nine thousand only, as an eligible project or scheme for a further period of three years beginning with the assessment year 2002-2003. [No. 154-2001-F. No. N.C. 61-2001]