Exemption u/s 35AC - Central Govt. had specified for Construction of swimming pool complex with facilities of boarding and lodging for the swimmers and a modem gymnasium, Bangalore and running of Academy, by Basavanagudi Aquatic Centre as an eligible project or scheme - 193/2004- S.O.795(E) - Income Tax

Exemption u/s 35AC - Central Govt. had specified for Construction of swimming pool complex with facilities of boarding and lodging for the swimmers and a modem gymnasium, Bangalore and running of Academy, by Basavanagudi Aquatic Centre as an eligible project or scheme Notification No. 193/2004 Dated 5 th July, 2004 S.O. 795(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.0.402(E) dated the 3 rd May, 1995, 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 10, for Construction of swimming pool complex with facilities of boarding and lodging for the swimmers and a modem gymnasium at Basavanagudi, Near National College, Bangalore and running of Academy, by Basavanagudi Aquatic Centre, Shankar Prasad, Number 43, Shankar Mutt Road, Basabanagudi, Bangalore 560 004, as an eligible project or scheme for a period of three years beginning with assessment year 1996- 1997 at the estimated cost of rupees one crore thirty thousand only which was extended further vide notification number S.0.919(E) dated the 29 th December, 1997 for a period of three years beginning with assessment year 1999-2000 and which was extended further vide notification number S.0.9l5(E) dated the 20 th September 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 nine 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 swimming pool complex with facilities of boarding and lodging for the swimmers and a modern gymnasium at Basavanagudi, Near National College, Bangalore and running of Academy, which is being carried out by Basavanagudi Aquatic Centre, Shankar Prasad, Number 43, Shankar Mutt Road. Basabanagudi, Bangalore 560 004, without any change in the approved cost, 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