10906 : Notification: 10906 Date of Issue: 11/5/1999

Notification: 10906 Date of Issue: 11/5/1999

Notification: 10906

Section(s) Referred: s. 35AC(1)(b) ,r. 11M(5)

Statute: INCOME TAX

Date of Issue: 11/5/1999

Whereas by notification of the Government of India in the Ministry of Finance number S.O. 839(E) dated the 22nd November, 1994 [published at (1994) 122 CTR (St) 16], 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 14---Basketball Complex at Race Course Road, Indore, of Corporation (Area) Basketball Trust, Race Course Road, Indore, Madhya Pradesh as an eligible project or scheme for a period of three years beginning with assessment year 1995-96, which was further extended vide S.O. 213(E) dated 17th March, 1997 by a period of two more years commencing from assessment year 1999-99 ;

And whereas the said project or scheme is likely to extend beyond five 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 and amending the project cost from Rs. 443.00 lakhs to Rs. 1600.00 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), hereby specifies the scheme or project of Basketball Complex at Race Course Road, Indore, which are being carried out by Corporation (Area) Basketball Trust, Race Course Road, Indore, Madhya Pradesh, 'at the estimated cost of rupees sixteen crores as an eligible project or scheme for a further period of three assessment years commencing from assessment year 2000-2001.

[F. No. NC-39/99]