Exemption u/s 35AC- Specified project by Ankleshwar Industrial and Rural Development Society, Ankleswar, notified as eligible project - 305/2006 - Income Tax

Exemption u/s 35AC- Specified project by Ankleshwar Industrial and Rural Development Society, Ankleswar, notified as eligible project NOTIFICATION No. 305/2006, dated 26-10-2006 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 228(E), dated the 17th March, 1994, 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 Development and extension of educational, medical and sports facilities to rural areas (through construction of school building, centre of education and rooms in schools with provision of equipment, mobile educational van, hospital building with equipment, mobile medical unit and prevention and cure of occupational diseases and ground tracks and auditorium/stadium) in 50 village around Ankleshwar by Ankleshwar Industrial and Rural Development Society, K-1/205, GIDC Industrial Estate, Post Box No.24, Ankleswar-393002 as an eligible project or scheme for a period of three years beginning with assessment year 1994-95 which was extended further vide notification number S.O. 218(E), dated the 19thMarch, 1996 for a period of two years beginning with assessment year 1997-98 which was extended further vide notification number S.O. 216(E), dated the 16th March, 1998 for a period of two years beginning with assessment year 1999-2000 which was extended further vide notification number S.O. 162(E), dated the 23rd February, 2000 for a period of three years beginning with assessment year 2001-02 which was extended further vide notification number S.O.894(E), dated the 5th August, 2003 for a period of three years beginnmg with assessment year 2004-05; And whereas by notification number S.O. 894(E), dated, the 5th August, 2003 the estimated cost was amended from Rs.600.00 lakhs to Rs.600.00 lakhs including a corpus fund of Rs. 100 lakhs; And whereas the said project or scheme is likely to extend beyond thirteen 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 Development and extension of educational, medical and sports facilities to rural areas (through construction of school building, centre of education and rooms in schools with provision of equipment, mobile educational van, hospital building with equipment, mobile medical unit and prevention and cure of occupational diseases and ground tracks and auditorium/stadium) in fifty villages around Ankleshwar which is being carried out by Ankleshwar Industrial and Rural Development Society, K-1/205, GIDC Industrial Estate, Post Box No. 24, Ankleshwar-393002, without any change in the approved cost of Rs. 600.00 lakhs including a corpus fund of Rs. 100.00 lakhs, 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]