Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Construction of building, purchase of equipments at Gujarat by Shri Siddhakshetra Shravikashram - 373/2002 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Construction of building, purchase of equipments at Gujarat by Shri Siddhakshetra Shravikashram NOTIFICATION NO. 373 Dated 9th December, 2002 Whereas by notification of the Government of India in the Ministry of Finance number S.0.832(E) dated the 18th September, 1998, issued under sub-section(l) 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 14, for Construction of building, purchase of equipments, furnishing and running of multi-purpose vocational training centre, residential quarters, conducting business management courses, setting up of library and dispensary of Palitana, Bhavanagar District, Gujarat by Shri Siddhakshetra Shravikashram, C/0 Gautam C. Dalai, Sekersia Chambers, 1st Floor, 139, Nagindas Master Road, Mumbai-I as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000; And whereas the said project or scheme is likely to extend beyond three 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 pf 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 multi-purpose vocational training centre, residential quarters, conducting business management courses, setting up of library and dispensary of Palitana, Bhavanagar District, Gujarat which is being carried by Shri Siddhakshetra Shravikashram, C/0 Gautam C. Dalai, Sekersia Chambers, 1st Floor, 139, Nagindas Master Road, Mumbai-I at the estimated cost of rupees one crore two lakhs plus a corpus fund of rupees three crores seventy six lakhs only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2002-2003. Sd/- (G.C.Srivastava) Secretary(National Committee) F.No.NC-113/2002