Exemption u/s 35AC - Central Government had specified for construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre by Shubham Karothi, Bangalore, as an eligible project or scheme - S.O.542(E) - Income Tax

Exemption for Bangalore School Project Extended Under Section 35AC of Income-tax Act for Additional Three Years

The Central Government has extended the exemption under Section 35AC of the Income-tax Act, 1961, for a project by an organization in Bangalore involving the construction of a building, purchase of equipment, and the furnishing and running of a school and rehabilitation center. Initially specified for the period starting from the assessment year 1998-99, the project has been recognized for proper execution and is now eligible for an additional three years starting from the assessment year 2001-2002. The estimated cost of the project is two crores.