Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for Promotion of watershed development in Konkan region and integrated development of villages in Panvel and Pen talukas of District Raigad, Maharashtra by Yusuf Meharally Centre as an eligible project or scheme - 020/2006- S.O. 151(E) - Income Tax

Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for Promotion of watershed development in Konkan region and integrated development of villages in Panvel and Pen talukas of District Raigad, Maharashtra by Yusuf Meharally Centre as an eligible project or scheme NOTIFICATION NO. 20/2006, DATED 3-2-2006 S.O. 151(E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.602(E), dated the 12 th August, 1993, 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 specified at serial number 8, for Promotion of watershed development in Konkan region and integrated development of villages in Panvel and Pen talukas of District Raigad, Maharashtra by Yusuf Meharally Centre, National House, 6, Tulloch Road, Appollo Bunder, Bombay-400039, as an eligible project or scheme for a period of three years beginning with assessment year 1994-1995, which was extended further vide notification number S.O.415(E) dated the 7 th June, 1996 for a period of three years beginning with assessment year 1997-1998 which was extended further vide notification number S.O.505(E) dated the 26 th May, 2000 for a period of three years beginning with assessment year 2000-2001 and which was extended further vide notification number S.O.984(E) dated the 10 th September, 2002 for a period of three years beginning with assessment year 2003-2004; And whereas the said project or scheme is likely to extend beyond twelve 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 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 subsection (1) read with clause (b) of the Explanation to section 3 5 AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project for Promotion of watershed development in Konkan region and integrated development of villages in Panvel and Pen talukas of District Raigad, Maharashtra which is being carried out by Yusuf Meharally Centre, National House, 6, Tulloch Road, Appollo Bunder, Bombay-400039, without any change in the approved estimated cost i.e. ₹ 322.50 lakhs, as an eligible project or scheme for a further period of three years commencing from the financial year 2005-2006.