Exemption u/s 35AC - Central Government had specified for construction of building of Arts and Commerce College, Rural Science and Pharmacy College, Industrial Training Institute and Hostel by Shree Bharat Saraswati Mandir Sansad, Gujarat, as an eligible project or scheme - S.O.928(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction of building of Arts and Commerce College, Rural Science and Pharmacy College, Industrial Training Institute and Hostel by Shree Bharat Saraswati Mandir Sansad, Gujarat, as an eligible project or scheme NOTIFICATION NO. S.O.928(E) DATED 20-9-2001 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 224(E), dated the 16th March, 1994, 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 2, for construction of building of Arts and Commerce College, Rural Science and Pharmacy College, Industrial Training Institute and Hostel at Shardagram, by Shree Bharat Saraswati Mandir Sansad, Shardagram, via-Mangrol, District Junagarh, Gujarat, as an eligible project or scheme for a period of two years beginning with the assessment year 1994-1995 which was extended further vide Notification No. S.O. 95(E), dated the 2nd February, 1996, for a period of three years beginning with the assessment year 1997-1998 and S.O. 436(E), dated 20th May, 1998, 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 eight 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 of Arts and Commerce College, Rural Science and Pharmacy College, Industrial Training Institute and Hostel at Shardagram, which is being carried out by Shree Bharat Saraswati Mandir Sansad, Shardagram, via-Mangrol, District Junagarh, Gujarat, at the estimated cost of rupees two crores fifteen lakhs twenty five thousand only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2002-2003. [No. 299-2001-F. No. N.C-83-2001]