Exemption u/s 35AC - Central Government had specified for purchase of machinery, construction of a building for Vridhashram and industrial shed by Vikas, Ahmedabad, Gujarat, as an eligible project or scheme - S.O.546(E) - Income Tax

Eligibility Extension Granted for Project Under Section 35AC of Income-tax Act, 1961 for Additional Three Years

The Central Government has extended the eligibility of a project under section 35AC of the Income-tax Act, 1961, for an additional three years starting from the assessment year 2002-2003. This project, executed by an organization in Ahmedabad, Gujarat, involves the purchase of machinery and the construction of a building for a Vridhashram and an industrial shed in Gandhinagar, Gujarat. Initially approved in 1998 for three years, the project is recognized for its proper execution and is estimated to cost approximately 63.52 lakh rupees.