Exemption u/s 35 AC - Central Government had specified for Construction of swimming pool complex with facilities of boarding and lodging for the swimmers and a modern gymnasium at Basavanagudi, and running of Basavanagudi Aquatic Centre, Bangalore as an eligible project or scheme - S.O. 919(E) - Income Tax

Exemption under section 35AC extended to aquatic centre project, eligible for three further assessment years from 1999 2000.

The Central Government specified the construction and running of the Basavanagudi Aquatic Centre as an eligible project for exemption under section 35AC, and, following the National Committee's recommendation that execution was proper, extended that specification for a further three assessment years commencing from the assessment year 1999 2000 at an estimated cost of one hundred lakhs thirty thousand by notification under the Income tax Act.