Exemption u/s 35AC - Central Govt. had specified for construction of Building, purchase of equipments, furnishing and running of school at Ramo Halli, Bangalore by Shubham Karothi as an eligible project or scheme - 056/2004 - Income Tax

Exemption u/s 35AC - Central Govt. had specified for construction of Building, purchase of equipments, furnishing and running of school at Ramo Halli, Bangalore by Shubham Karothi as an eligible project or scheme Notification No. 56 of 2004, dt. 23rd Feb., 2004 S.O. 220(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.0.54(E) dated the 16 th January, 1998, issued under 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 and which was extended further vide notification number S.0.542(E) dated the 20 th June, 2001 as an eligible project or scheme for a period of three years beginning with assessment year 2001-2002: 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 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 of 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 at the estimated cost of rupees two crore only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2004-2005.