Exemption u/s 35AC - Central Government had specified for Construction of building for school with all facilities, purchase of equipments/materials at Tambaram, Chennai, by Valluvar Gurukulam, Chennai, as an eligible project or scheme - 150/2005- S.O. 714(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for Construction of building for school with all facilities, purchase of equipments/materials at Tambaram, Chennai, by Valluvar Gurukulam, Chennai, as an eligible project or scheme NOTIFICATION No. 150/2005, Dated 25-5-2005 S.O. 714(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.549(E) dated the 2 nd July, 1998, issued under sub section (1) read with clause (b) of the Explanation to section 35 AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 1, for Construction of building for school with all facilities, purchase of equipments/materials at Tambaram, Chennai, by Valluvar Gurukulam, 74, G.S.T. Road, Tambaram, Chennai-45, 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.543(E) dated the 20 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 35 AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project for Construction of building for school with all facilities, purchase of equipments/materials at Tambaram, Chennai, which is being carried out by Valluvar Gurukulam, 74, G.S.T. Road, Tambaram, Chennai-45, without any change in the approved cost i.e. Rs. 123.00 lakhs plus a corpus fund of Rs. 37.00 lakhs, as an eligible project or scheme for a further period of three years commencing from the financial year 2004-2005. [F.No. NC-270/11/2005]