Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for Construction of school/hospital buildings, residential quarters, development of roads, etc. by Rashtrotthana Parishat as an eligible project or scheme - 101/2006 - Income Tax

Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for Construction of school/hospital buildings, residential quarters, development of roads, etc. by Rashtrotthana Parishat as an eligible project or scheme NOTIFICATION NO. 101/2006, DATED 4-4-2006 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.523(E) dated the 9 th May, 2003, 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 5 for Construction of school/hospital buildings, residential quarters, development of roads, swimming pool, stadium, interior decoration and furnishing and purchase of furniture etc. by Rashtrotthana Parishat, Keshava Shilpa, Kempegowda Nagar, Bangalore-560019, Karnataka, as an eligible project or scheme for a period of two years beginning with assessment year 2004-2005; And whereas the said project or scheme is likely to extend beyond two 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 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 for Construction of school/hospital buildings, residential quarters, development of roads, swimming pool, stadium, interior decoration and furnishing and purchase of furniture etc. which is being carried out by Rashtrotthana Parishat, Keshava Shilpa, Kempegowda Nagar, Bangalore-560019, Karnataka, without any change in the approved estimated cost i.e. Rs.670.00 lakhs as an eligible project or scheme for a further period of three years commencing from the financial year 2005-2006. [F.No. NC-270/55/2006]