Exemption u/s 35AC - Central Government had specified for purchase of machinery, construction of a building for Vridhashram and industrial shed by Vikas, Ahmedabad, Gujarat, as an eligible project or scheme - S.O.546(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for purchase of machinery, construction of a building for Vridhashram and industrial shed by Vikas, Ahmedabad, Gujarat , as an eligible project or scheme NOTIFICATION NO. S.O.546(E) DATED 20-6-2001 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 676(E), dated the 11th August, 19981, 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 1, for purchase of machinery, construction of a building for Vridhashram (home for the aged) and industrial shed at village Kolavada, District Gandhinagar, Gujarat, by Vikas, 18, Gautam Nagar, Near Naranpura Rai way Crossing, Ahmedabad-380013, Gujarat, 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 purchase of machinery, construction @f a building for Vridhashram (home for the aged) and industrial shed at village Kolavada, District Gandhinagar, Gujarat, which is being carried out by Vikas, 18, Gautam Nagar, Near Naranpura Railway Crossing, Ahmedabad-380013, Gujarat, at the estimated cost of rupees sixty three lakhs fifty two thousand only, as an eligible project or scheme for a further period of three years beginning with the assessment year 2002-2003. [No. 160-2001-F. No. N.C. 61-2001]