Exemption u/s 35AC - Central Government had specified for construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre by Shubham Karothi, Bangalore, as an eligible project or scheme - S.O.542(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre by Shubham Karothi, Bangalore , as an eligible project or scheme NOTIFICATION NO. S.O.542(E) DATED 20-6-2001 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 54(E), dated the 16th January, 19983, 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 18, for construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre at Ramo Halli, Kengeri, Bangalore South, Karnataka State, by Shubham Karothi, 52-1, Ramo Halli, Kengeri, Hobli, Bangalore, as an eligible project or scheme for a period of three years beginning with the assessment year 1998-99. And whereas the said project or scheme is likely to extend beyond three 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 building, purchase of equipments, furnishing and running of school and rehabilitation centre at Ramo Halli, Kengeri, Bangalore South, Karnataka State, which is being carried out by Shubham Karothi, 52-1, Ramo Halli, Kengeri, Hobli, Bangalore, at the estimated cost of rupees two crores only, as an eligible project or scheme for a further period of three years beginning with the assessment year 2001-2002. [No. 156-2001-F. No. N.C. 61-2001]