Exemption u/s 35AC - Central Government had specified for construction of building for school with all facilities, purchase of equipments-materials by Valluvar Gurukulam, Chennai, as an eligible project or scheme - S.O.543(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction of building for school with all facilities, purchase of equipments-materials by Valluvar Gurukulam, Chennai, as an eligible project or scheme NOTIFICATION NO. S.O.543(E) DATED 20-6-2001 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 549(E), dated the 2nd July, 19982, issued under clause ( b ) of the Explanation to section 35AC of the Income-tax Act, 196.1 (43 of 1961), the Central Government had specified at serial number 1, for construction of building for school with all facilities, purchase of equipments-materials at Tambaram, Chennai, by Valluvar Gurukulam, 74, G. S. T. Road, Tambaram, Chennai-45, as an eligible project or scheme 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 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 for school with all facilities, purchase of equipments-materials at Tambaram, Chennai, which is being carried out by Valluvar Gurukulam, 74, G. S. T. Road, Tambaram, Chennai-45, at the estimated cost of rupees one crore twenty three lakhs plus a corpus fund of rupees thirty seven lakhs only, as an eligible project or scheme for a further period of three years beginning with the assessment year 2002-2003. [No. 157-2001-F. No. N.C. 61-2001]