Exemption u/s 35AC - Central Government had specified for construction of swimming pool complex with facilities of boarding and lodging for the swimmers and a modern gymnasium and running of Academy, by Basavanagudi Aquatic Centre, Bangalore, as an eligible project or scheme - S.O.915(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction of swimming pool complex with facilities of boarding and lodging for the swimmers and a modern gymnasium and running of Academy, by Basavanagudi Aquatic Centre, Bangalore , as an eligible project or scheme NOTIFICATION NO. S.O.915(E) DATED 20-9-2001 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 402(E), dated the 3rd May, 1995, 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 10, for construction of swimming pool complex with facilities of boarding and lodging for the swimmers and a modern gymnasium at Basavanagudi, Near National College, Bangalore and running of Academy, by Basavanagudi Aquatic Centre, Shankar Prasad, Number 43, Shankar Mutt Road, Basavanagudi, Bangalore-560 004, as an eligible project or scheme for a period of three years beginning with the assessment year 1996-1997 which was extended further vide Notification No. S.O. 919(E), dated the 29th December, 1997, 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 of swimming pool complex with facilities of boarding and lodging for the swimmers and a modern gymnasium at Basavanagudi, Near National College, Bangalore and running of Academy, which is being carried out by Basavanagudi Aquatic Centre, Shankar Prasad, Number 43, Shankar Mutt Road, Basavanagudi, Bangalore-560 004, at the estimated cost of rupees one crore thirty thousand only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2002-2003. [No. 286-2001-F.No. N.C-83-2001]