70 : Notification: 70 Date of Issue : 31/3/2003

Notification: 70 Date of Issue : 31/3/2003

Notification No : 70

Section(s) Referred : s. 35AC

Date of Issue : 31/3/2003

Notification No. 70 of 2003, dt. 31st March, 2003

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 96(E) dated the 11th February, 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 Expansion of Educational activities by construction/repair of buildings and walls, purchase of equipments, erection of hedges/bunds/trenches, providing water tanks and pipe lines to economically weaker sections whose family income is not more than Rs. 18,000 per annum at Districts Panchmahal and Dahod of Gujarat by Bhil Seva Mandal, Chakalia Road, Dahod-389151, Gujarat 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 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 Expansion of Educational activities by construction/repair of buildings and walls, purchase of equipments erection of hedges/bunds/trenches, providing water tanks and pipe lines to economically weaker sections whose family income is not more than Rs. 18,000 per annum at Districts Panchmahal and Dahod of Gujarat which is being carried out by Bhil Seva Mandal, Chakalia Road, Dahod-389161, Gujarat, at the estimated cost of rupees two crores eighty-two lakhs fifty thousand including a corpus fund of rupees twenty-five lakhs only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2002-2003.

[F.No. NC-166/2002]