Exemption u/s 35AC - Central Government had specified for construction, equipments, vehicle and furnishing of Surya Nature Cure and Yoga Research and Training Rural, by Surya Foundation, Bangalore, as an eligible project or scheme - 499(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction, equipments, vehicle and furnishing of Surya Nature Cure and Yoga Research and Training Rural, by Surya Foundation, Bangalore , as an eligible project or scheme NOTIFICATION NO. 499(E) DATED 26-5-2000 Whereas by notification of the Government of India in the Ministry of Finance Number S. O. 388(E), dated 19th May, 1997, 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 7, construction, equipments, vehicle and furnishing of Surya Nature Cure and Yoga Research and Training Centre at village Kareem Sonnenahalli, Bangalore Rural, by Surya Foundation, No. 93/11, Kempegowda Nagar, Bangalore-560 019, as an eligible project or scheme for a period of three years beginning with the assessment year 1998-99. And whereas the said project or scheme is likely to extend beyond three years ; And whereas the National Committee 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, equipments, vehicle and furnishing of Surya Nature Cure and Yoga Research and Training Centre at village Kareem Sonnenahalli, Bangalore Rural, which is being carried out by Surya Foundation, No. 93/11, Kempegowda Nagar, Bangalore-560 019, at the estimated cost of rupees two crore four lakhs only, as an eligible project or scheme for a further period of three years beginning with the assessment year 2001-2002. [No. 11382/F. No. NC-37/2000]