Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Construction of building, purchase of fixtures/equipments, furnishing of school by The Angles' Educational Trust - 244/2002 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Construction of building, purchase of fixtures/equipments, furnishing of school by The Angles' Educational Trust Notification No, 244 of 2002, dt. 10th Sept, 2002 . Whereas by notification of the Government of India in the Ministry of Finance number S.O. 739(E) dated the 10th September, 1999, 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 8, for Construction of building, purchase of fixtures/equipments, furnishing of school by The Angles' Educational Trust, 267, Sulochana Sheti Marg, Sion (W) Mumbai 400 022 as an eligible project or scheme for a period of three years beginning with assessment year 2000-2001; 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 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 building, purchase of fixtures/equipments, furnishing of school which is being carried out by The Angles' Educational Trust, 267, Sulochana Sheti Marg, Sion (W) Mumbai, 400 022 at the estimated cost of rupees three crores four lakhs and seventy one thousand only, as an eligible project or scheme for a further period of three years commencing from assessment year 2003-2004. [F.No. NC-80/2002]