Exemption u/s 35AC - Central Govt. had specified for Digging of tube-wells for providing potable drinking water, repairing of schools, promotion/ improvement of agricultural activities District of Orissa, by Tata Sponge Iron Limited as an eligible project or scheme - 192/2004- S.O.794(E) - Income Tax

Exemption u/s 35AC - Central Govt. had specified for Digging of tube-wells for providing potable drinking water, repairing of schools, promotion/ improvement of agricultural activities District of Orissa, by Tata Sponge Iron Limited as an eligible project or scheme Notification No. 192/2004 Dated 5 th July, 2004 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.0.97(E) dated the 11 th February, 1999, 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 2, for Digging of tube-wells for providing potable drinking water, repairing of schools, promotion/ improvement of agricultural activities and providing medical facilities in various villages in Keonjhar District of Orissa, by Tata Sponge Iron Limited, P.O. Joda, District Keonjhar, Orissa, at the estimated cost of rupees ten lakhs as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000 and was amended to enhance the estimated cost of the project from rupees ten lakhs to rupees thirty lakhs and also which extended further vide notification number S.0.1270(E) dated the 28 th December, 2001 for a period of 3 years beginning with the 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 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 Digging of tube-wells for providing potable drinking water, repairing of schools, promotion/improvement of agricultural activities and providing medical facilities in various villages in Keonjhar District of Orissa, which is being carried out by Tata Sponge Iron Limited, P.O. Joda, District Keonjhar, Orissa, without any change in the approved cost i.e. 30 lakhs, as an eligible project or scheme for a further period of three years commencing from the financial year 2004-2005. Sd/- (Sunil Sharma) Deputy Secretary (National Committee) F. No NC-69/2004