Exemption u/s 35AC - Central Government had specified for development and extension of educational, medical and sports facilities by Ankleshwar Industrial Development Society as an eligible project or scheme - Amendment in N. No. S.O. 228(E) dated the 17th March, 1994 - 190/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for development and extension of educational, medical and sports facilities by Ankleshwar Industrial Development Society as an eligible project or scheme - Amendment in N. No. S.O. 228(E) dated the 17th March, 1994 Notification No. 190 of 2003, dt. 5th August, 2003 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 villages around Ankleshwar by Ankleshwar Industrial 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 19th March, 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 16th March 1998 for a period of two years beginning with assessment year 1999-2000 and which was extended further vide notification number S.O. 162(E) dated 23rd February, 2000 for a period of three years beginning with assessment year 2001-2002; And, whereas, the said project or scheme is likely to extend beyond ten years; And, whereas, the National Committee, 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 and the Committee also allowed Rs. 100 lakhs as corpus fund out of the approved sum of Rs. 600 lakhs and permitted to change their name in the notification from Ankleshwar industrial Development Society to Ankleshwar Industrial and Rural Development Society; 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),-- (a) hereby specifies the scheme or project of 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 villages around Ankleshwar by Ankleshwar Industrial Development Society, K-1/205, GIDC Industrial Estate, Post Box No. 24, Ankleswar-393002 as an eligible project or scheme for a further period of three years beginning with assessment year 2004-2005; and (b) further amends the said notification number S.O. 228(E) dated the 17th March, 1994, to the following effect, namely: In the said notification, in the Table against serial number 5, (i) in column (2) for the words "Ankelshwar Industrial Development Society" the words "Ankleshwar Industrial and rural Development Society" shall be substituted; (ii) in column (3), after the letters, figures and word "Rs. 600 lakhs", the letters, figures and words" Rs. 600 lakhs with a corpus fund of Rs. 100 lakhs out of such project cost" shall be substituted. [F.No. NC-151/2003]