Exemption u/s 35AC - Central Government had specified for scheme for award of education scholarships and grants in Gujarat and MaharashtraStates, by U.V. Patel Foundation, Pune, as an eligible project or scheme - S.O.912(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for scheme for award of education scholarships and grants in Gujarat and Maharashtra States , by U.V. Patel Foundation, Pune, as an eligible project or scheme NOTIFICATION NO. S.O.912(E) DATED 20-9-2001 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 54(E), dated the 16th January, 1998, 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 12, for scheme for award of education scholarships and grants in Gujarat and Maharashtra States, by U.V. Patel Foundation, 1215-2, Shirole Road, Shivajinagar, Pune, as an eligible project or scheme for a period of two years beginning with the assessment year 1998-1999 which was extended further vide Notification No. S.O. 754(E), dated the 10th September, 1999, for a period of two years beginning with the assessment year 2000-2001; And whereas the said project or scheme is likely to extend beyond four 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 scheme for award of education scholarships and grants in Gujarat and Maharashtra States, which is being carried out by U.V. Patel Foundation, 1215-2, Shirole Road, Shivajinagar, Pune, at the estimated cost of rupees two crores eighty eight lakhs as corpus fund only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2002-2003. [No. 283-2001-F.No. N.C-83-2001]