Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for construction and running of school (including cost of vehicles) in thirty villages of Sundergarh District, Orissa by Dalmia Shiksha Pratisthan - 215/2002 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for construction and running of school (including cost of vehicles) in thirty villages of Sundergarh District, Orissa by Dalmia Shiksha Pratisthan Notification No. 215 of 2002, dt. 14th Aug., 2002 Whereas by notification of the Government of India in the Ministry of Finance number S.O. 92(E) dated the 7th February, 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 6, for construction and running of school (including cost of vehicles) in thirty villages of Sundergarh District, Orissa by Dalmia Shiksha Pratisthan, 4, Schinda House, New Delhi-100001 as an eligible project or scheme for a period of three years beginning with assessment year 1997-98, which was extended further vide notification number S.O. 309(E) dated 11th May, 1999, for a period of three years beginning with assessment year 2000-2001 And whereas, the said project or scheme is likely to extend beyond six years; And whereas, the National Committee, being satisfied that the 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 and amending the project cost from Rs. 14.00 lakhs to Rs. 25.06 lakhs; 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),-- (a) hereby specifies the scheme or project of running of school (including cost of vehicles) in thirty villages of Sundergarh District, Orissa and deleting the word construction from the project which is being carried out by Dalmia Shiksha Pratisthan, 4, Schinda House, New Delhi-100001 as an eligible project or scheme for a further period of three years beginning with assessment year 2003-2004; and (b) further amends the said notification number S.O. 92(E) dated the 7th February, 1997, to the following effect, namely: In the said notification, in the Table, against serial number 6, in column (4) relating to maximum cost to be allowed, for the letters, figures and word "Rs. 14.00 lakhs", the letters, figures and word "Rs. 25.06 lakhs" shall be substituted. [F.No. NC-62/2002]