Exemption u/s 35AC - Central Government had specified for Integrated Rural Development Project by Bhansali Trust as an eligible project or scheme for a period of three years beginning with Assessment Year 2003-04 - 231/2006 - Income Tax

Exemption u/s 35AC - Central Government had specified for Integrated Rural Development Project by Bhansali Trust as an eligible project or scheme for a period of three years beginning with Assessment Year 2003-04 NOTIFICATION NO. 231/2006, DATED 4-9-2006 S.O.1413(E). Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 60(E), dated the 22nd January, 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 6, for Integrated Rural Development Project by Bhansali Trust, 640-646, Panchratna Mama Parmanand Marg, Mumbai-400004, as an eligible project or scheme for a period of three years beginning with Assessment Year 2003-04; 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 specifying the said project or scheme for a further period of two 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 schenw or project for Integrated Rural Development Project which is being carried out by Bhansali Trust, 640646, Panchratna Mama Parmanand Marg, Mumbai-400004, without any change in the approved cost of Rs. 1275.00 lakhs, as an eligible project or scheme for a further period of two years commencing from the financial year 2006-07. [F. No. NC-274/2/2006]