Exemption u/s 35AC the C. G. had specified for Construction of building, at Ramo Halli, Kengeri, Bangalore South, Karnataka State, by Shubham Karothi, 52/1, Ramo Halli, Kengeri, Hobli, Bangalore, as an eligible project or scheme - 300/2006 - Income Tax

Exemption u/s 35AC the C. G. had specified for Construction of building, at Ramo Halli, Kengeri, Bangalore South, Karnataka State, by Shubham Karothi, 52/1, Ramo Halli, Kengeri, Hobli, Bangalore, as an eligible project or scheme NOTIFICATION No. 300/2006, dated 26-10-2006 S.O. 1833(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 54(E), dated the 16th January, 1998, 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 18, for Construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre at Ramo Halli, Kengeri, Bangalore South, Karnataka State, by Shubham Karothi, 52/1, Ramo Halli, Kengeri, Hobli, Bangalore, as an eligible project or scheme for a period of three years beginning with assessment year 1998-1999 which was extended further vide notification number S.O. 542(E), dated the 20th June, 2001 for a period of three years beginning with assessment year 2001-02 and which was extended further vide notification number S.O. 220(E), dated the 23rd February, 2004 for a period of three years beginning with assessment year 2004-05 ; And whereas the said project or scheme is likely to extend beyond nine 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), thereby specifies the scheme or project for Construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre at Ramo Halli, Kengeri, Bangalore South, Karnataka State which is being carried out by Shubham Karothi, 52/1, Ramo Halli, Kengeri, Hobli, Bangalore, without any change in the approved cost of rupees two crores, as an eligible project or scheme for a further period of three years commencing from the financial year 2006-07. [F. No. NC-274/03/2006]