Exemption u/s 35AC - Central Government had specified for Purchase of Machinery, Construction of a building for Vridhashram (Home for the Aged) and Industrial shed at Village Kolavada, District Gandhinagar, Gujarat, by Vikas, 18, Gautam Nagar, Gujarat as an eligible project or scheme - 086/2005- S.O. 375(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for Purchase of Machinery, Construction of a building for Vridhashram (Home for the Aged) and Industrial shed at Village Kolavada, District Gandhinagar, Gujarat, by Vikas, 18, Gautam Nagar, Gujarat as an eligible project or scheme NOTIFICATION NO. 86/2005, DATED 23-3-2005 S.O. 375(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 676(E) dated the 11 th August, 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 1, for Purchase of Machinery, Construction of a building for Vridhashram (Home for the Aged) and Industrial shed at Village Kolavada, District Gandhinagar, Gujarat, by Vikas, 18, Gautam Nagar, Near Naranpura Railway Crossing, Ahmedabad - 380013, Gujarat, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number S.O. 546(E) dated the 20 th June,2001 for a period of three years beginning with assessment year 2002-2003; And whereas the said project or scheme is likely to extend beyond six 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 subsection (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 Purchase of Machinery, Construction of a building for Vridhashram (Home for the Aged) and Industrial shed at Village Kolavada, District Gandhinagar, Gujarat, which is being carried out by Vikas, 18, Gautam Nagar, Near Naranpura Railway Crossing, Ahmedabad - 380013, Gujarat, without any change in the approved cost i.e. ₹ 63.52 lakhs, as an eligible project or scheme for a further period of three years commencing from the financial year 2004-2005. [F.No. NC-270/01/2005]