Exemption u/s 35AC the C. G. had specified for Ideal Village project by Vanarai Trust, Aditya Residency, 498, Parvati, Mitramandal Chowk, Pune-411009 as an eligible project or scheme - 297/2006 - Income Tax

Exemption u/s 35AC the C. G. had specified for Ideal Village project by Vanarai Trust, Aditya Residency, 498, Parvati, Mitramandal Chowk, Pune-411009 as an eligible project or scheme NOTIFICATION No. 297/2006, dated 26-10-2006 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 604(E) dated the 20th May, 2004, 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 Ideal Village project by Vanarai Trust, Aditya Residency, 498, Parvati, Mitramandal Chowk, Pune-411009 as an eligible project or scheme for a period of three years beginning with financial 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 scheme or project for Ideal Village project which is being carried out by Vanarai Trust, Aditya Residency, 498, Parvati, Mitramandal Chowk, Pune-411009, without any change in the approved cost of Rs. 111.96 crores, as an eligible project or scheme for a further period of two years commencing from the financial year 2006-07. [F. No. NC-274/03/2006]