Exemption u/s 35AC - Central Govt. had specified for School Adoption Scheme and Balwadi Project at Mumbai by The Bombay Community Public Trust as an eligible project or scheme - 325/2003 - Income Tax

Exemption u/s 35AC - Central Govt. had specified for School Adoption Scheme and Balwadi Project at Mumbai by The Bombay Community Public Trust as an eligible project or scheme Notification No : 325 Date of Issue : 27/11/2003 S.O.1373(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.388(E) dated the 19 th May, 1997, 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 23, for School Adoption Scheme and Balwadi Project at Mumbai, Maharashtra, by The Bombay Community Public Trust, Regent Chamber, 5th Floor, Nariman Point, Mumbai. as eligible project or scheme for a period of three years beginning with assessment year 1998-99 and which was extended further vide notification number S.0.303(E) dated the 29th March, 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 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 School Adoption Scheme and Balwadi Project at Mumbai, Maharashtra which is being carried out by The Bombay Community Public Trust, Regent Chamber, 5 th Floor, Nariman Point, Mumbai, at the estimated cost of rupees three crores only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2004-2005. F.No.NC-240/2003