Exemption u/s 35AC - Central Govt. has specified the construction of arts and commerce college at Karvenagar, Pune, as an eligible project or scheme - 722(E) - Income Tax Act, 1961
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Exemption under section 35AC: specified educational construction projects in Karvenagar retain eligibility following administrative extension. Notification under section 35AC re specifies three construction projects at Karvenagar, Pune-the arts and commerce college with 75% beneficiaries from backward classes; Phase III of the engineering college for 180 students in three disciplines; and the hostel first floor with kitchen and dining for 226 students with specified mess concessions-as eligible projects. The National Committee recommended extension under rule 11M(5), and the Central Government extends their specification for a further three assessment years commencing from the assessment year 1996-97.
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Provisions expressly mentioned in the judgment/order text.
Exemption under section 35AC: specified educational construction projects in Karvenagar retain eligibility following administrative extension.
Notification under section 35AC re specifies three construction projects at Karvenagar, Pune-the arts and commerce college with 75% beneficiaries from backward classes; Phase III of the engineering college for 180 students in three disciplines; and the hostel first floor with kitchen and dining for 226 students with specified mess concessions-as eligible projects. The National Committee recommended extension under rule 11M(5), and the Central Government extends their specification for a further three assessment years commencing from the assessment year 1996-97.
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