Exemption u/s 35AC - Central Government had notified, "Sustainable development through biotechnology" by Vidya Pratishthan, Vidyanagari, Bhigwan Road, Baramati, Pune, Maharashtra, as an eligible project or scheme - S.O. 2371(E) - Income Tax

Exemption u/s 35AC - Central Government had notified, "Sustainable development through biotechnology" by Vidya Pratishthan, Vidyanagari, Bhigwan Road, Baramati, Pune, Maharashtra, as an eligible project or scheme Notification No. 50/2008 [F.No. NC-274/13/2008] S.O. 2371(E) dated 3-10-2008 Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 458(E), dated the 30th March, 2006, issued under sub-section (1) read with clause ( b ) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 7, "Sustainable development through biotechnology" by Vidya Pratishthan, Vidyanagari, Bhigwan Road, Baramati, Pune - 413 133, Maharashtra, as an eligible project or scheme for a period of three years beginning with financial year 2005-06; And whereas the said project or scheme is likely to extend beyond three years; And whereas the National Committee for Promotion of Social and Economic Welfare, 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 extending 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 notifies the scheme or project "Sustainable development through biotechnology" being carried out by Vidya Pratishthan, Vidyanagari, Bhigwan Road, Baramati, Pune - 413 133, Maharashtra, without any change in the approved cost of Rs. 13.94 crore, as an eligible project or scheme for a further period of three years beginning with financial year 2008-09.