Exemption u/s 35AC - Central Government had specified for construction, equipments and running of technical school by Shri Purushotam Seva Trust, Advance Technology Management Association, Ahmedabad, as an eligible project or scheme - 501(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction, equipments and running of technical school by Shri Purushotam Seva Trust, Advance Technology Management Association, Ahmedabad, as an eligible project or scheme NOTIFICATION NO. 501(E) DATED 26-5-2000 Whereas by notification of the Government of India in the Ministry of Finance Number S. O. 973(E), dated 14th December, 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 11, construction, equipments and running of technical school at village Sola, Taluk-Daskroi, District-Ahmedabad, Gujarat, by Shri Purushotam Seva Trust, Advance Technology Management Association, 17-A, Himalaya Park, Opposite Income-tax Office, Ahmedabad-380 014, as an eligible project or scheme for a period of two years beginning with the assessment year 1996-97, which was extended vide S.O. No. 398(E), dated 19th May, 1997, for a period of three more years beginning with assessment year 1998-99. And whereas the said project or scheme is likely to extend beyond five 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 and running of technical school. It village Sola, Taluk-Daskroi, District-Ahmedabad, Gujarat, which is being carried out by Shri Purushotam Seva Trust, Advance Technology Management Association, 17-A, Himalaya Park, Opposite Income-tax Office, Ahmedabad-380 014, at the estimated cost of rupees one crore only, as in eligible project or scheme for a further period of three years beginning with the assessment year 2001-2002. [No. 11384/F. No. NC-37/2000]