Exemption under Section 35AC: specification of a road construction scheme extended following regulatory recommendation.
The Central Government specified the Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited scheme for road construction at Thiruthuraipoondi and Nagapattinam as an eligible project under the Explanation to section 35AC, and, following a National Committee recommendation under sub rule (5) of rule 11M that the project was being executed properly, extended that specification for a further two assessment years commencing from assessment year 1997 98 at the estimated cost stated in the notification.

Section 35AC eligibility extended for Nishkam Sikh Welfare Council's Mata Gujri Old Age Home scheme of running expenses.
The Central Government, under the Explanation to section 35AC, specified the Nishkam Sikh Welfare Council's scheme for running Mata Gujri Old Age Home cum Orphanage as an eligible project for income tax exemption and, following the National Committee's recommendation, extended that specification for an additional three assessment years commencing from assessment year 1998 99, noting the scheme's estimated cost and implementing organisation.

Section 35AC exemption extended for Krishnamurti Foundation's sports complex scheme, making it an eligible project for two assessment years.
The Central Government, under the Explanation to section 35AC, specifies the Krishnamurti Foundation India's scheme for constructing a sports complex at Chas Kaman Lake as an eligible project or scheme for tax-exemption purposes. After earlier notifications and an affirmative recommendation from the National Committee that the project was being properly executed and likely to extend beyond two years, the government extends specification for a further two assessment years beginning with the assessment year 1997-98, and records the estimated project cost in the notification.

Tax exemption under section 35AC extended for Ayodhya Charitable Trust hospital scheme after National Committee recommendation.
Central Government specifies the Ayodhya Charitable Trust's General Hospital, Pune scheme as an eligible project for tax exemption under section 35AC for a further three assessment years commencing 1997-98, at the estimated cost stated in the notification, extending the earlier specification that began in 1994-95 and adopted following the National Committee's recommendation under the Income-tax Rules.

Exemption under section 35AC: extension of eligibility for a nursing college scheme providing free education and student support.
The Central Government specified the Karnataka Health Institute's Nursing College scheme, which provides free education, accommodation, food and uniform, as an eligible project for income-tax exemption purposes for a further limited period following the National Committee's recommendation that the project is being executed properly; the Government issued a formal notification exercising powers under the Income-tax Act to extend the specification and recorded the estimated project cost.

Exemption under section 35AC extended: YMCA vocational training centre specified as an eligible project for three assessment years.
Central Government specified the Bombay Youngmen's Christian Association scheme for construction, equipment, furnishing and running of a vocational training centre at Andheri, Mumbai, as an eligible project under the Explanation to section 35AC, extending prior designation for a further three assessment years following a National Committee recommendation and identifying the project purpose, location and estimated cost.

Income Tax exemption designation extended for Karnataka Badminton Association's eligible project following regulatory recommendation and review.
Central Government has specified the Karnataka Badminton Association's scheme for construction of an indoor badminton stadium as an eligible project or scheme for income tax exemption purposes under the Explanation to section 35AC, following a National Committee recommendation that the project is being executed properly, and has extended the specification for a further three assessment years with an amended estimated project cost.

Long-term specified assets designation lists qualifying bonds and equity shares and corrects prior notification wording.
Specification designates certain instruments as long-term specified assets: bonds of the Madhya Pradesh Electricity Board redeemable only after seven years, and equity shares issued by DMCC Oil Terminals (Navlakhi) Ltd held for at least seven years to qualify. The notification also amends a prior notification to correct the corporate name of DMCC Oil Terminals (Navlakhi) Ltd.

Specified assets under Section 54EA: certain long term bonds and DMCC equity qualify for the section's reinvestment mechanism.
Under section 54EA(1) the Central Board of Direct Taxes designates bonds redeemable after three years of Weizmann Limited, CRB Corporation Limited and Madhya Pradesh Electricity Board, and equity shares of DMCC Oil Terminals (Navlakhi) Limited held for at least three years as specified assets; it also amends a prior notification to replace the company name with DMCC Oil Terminals (Navlakhi) Ltd., Mumbai.

Section 35AC deduction limit revised for a charitable institution, increasing the allowable capital cost deduction.
Amendment to the Explanation to Section 35AC revises the maximum amount of cost allowed as deduction for Maria Seva Sangha, Bangalore by substituting the previously specified figure in the Table of S.O. 469(E) dated 2 July 1996 with a higher specified amount, on the recommendation of the National Committee and by notification dated 27 March 1997.

Exemption under section 35AC extended to Alert India health projects for leprosy and TB following recommendation.
The Central Government specified the Alert India scheme as an eligible project under clause (b) of the Explanation to section 35AC for detection, treatment and cure of leprosy and tuberculosis and for an integrated health care project, and, upon the National Committee's recommendation under sub rule (5) of rule 11M that the project was being executed properly, extended that specification for a further three assessment years commencing from assessment year 1998 99.

Section 35AC exemption extended for specified Bombay disability education scheme, making it eligible for additional assessment years.
The Central Government, under the Explanation to section 35AC, specified the furnishing and running of the societies for the education of the Crippled Centre and Antop Hill School in Bombay as an eligible project for tax-exemption purposes for a further three assessment years commencing from assessment year 1998-99, following the National Committee's recommendation that the project is being properly executed and likely to extend beyond its initial period.

Exemption under section 35AC extended for the specified hospital construction project, preserving its tax eligible status for further years.
The Central Government, acting under the clause enabling specification of eligible projects under the Income-tax Act, specifies the construction of an 80 bedded general hospital with equipment and furniture at Talab Tillo Road, Jammu by BEE ENN Charitable Trust as an eligible project for tax relief for a further three assessment years commencing from assessment year 1998-99, following the National Committee's recommendation that the project is being executed properly.

Exemption under section 35AC extended for specified sports infrastructure, maintaining eligibility for additional assessment years.
The Central Government, exercising powers under clause (b) of the Explanation to section 35AC, specified the Corporation (Area) Basketball Trust, Indore project for a basketball complex as an eligible project for a further two assessment years commencing from assessment year 1998 99, following a recommendation by the National Committee under the Income tax Rules and noting the project's estimated cost.

Exemption under section 35AC designates Arpan Eye Bank project as eligible for an extended tax-exemption period.
The Central Government specifies the Arpan Trust scheme for running an eye bank at Ghatkopar as an eligible project for tax-exemption purposes for a further three assessment years commencing from assessment year 1998-99, after the National Committee recommended extension under the Income-tax Rules upon finding the project properly executed; the notification includes the project's estimated cost and formalises continuation of eligibility under the Explanation to the relevant provision.

Exemption under section 35AC: Sahyog Kushthayagna Trust scheme specified eligible for three further assessment years.
Central Government, under clause (b) of the Explanation to section 35AC of the Income tax Act, specified the Sahyog Kushthayagna Trust scheme for leprosy eradication, rehabilitation of leprosy afflicted persons and their children, and rural health as an eligible project or scheme for a further period of three assessment years commencing from the stated assessment year, following a National Committee recommendation that the project be continued and noting the estimated project cost.

Exemption under section 35AC extends eligibility for nurses' hostel and solar heating project for additional assessment years.
The Central Government specified the Construction, furnishing and extension of a Nurses' Hostel and provision of solar heating at K. H. I. Ghataprabha as an eligible project under the Explanation to section 35AC; following the National Committee's recommendation under rule 11M(5) that execution is proper, eligibility is extended for a further three assessment years commencing from assessment year 1998-99, with an estimated project cost recorded in the notification.

Exemption under section 35AC: rural development project specified eligible for an additional assessment year with increased estimated cost.
Central Government specified the Rural Development Project "Palli Unnayan Prakalpa, West Bengal" as an eligible project under the Explanation to section 35AC, comprising primary school construction, drinking water tube wells, and a kachha link road; following a National Committee recommendation the Government extended specification for one further assessment year and revised the project's estimated cost upward.

Eligible project specification under section 35AC extended for Agriculture Development Trust's college construction scheme period.
The Central Government specified the Agriculture Development Trust, Baramati, Pune scheme for construction and furnishing of Shardabai Pawar Mahila Arts, Commerce and Science College at Malegaon, Maharashtra, as an eligible project under the clause (b) of the explanation to section 35AC, on the National Committee's recommendation, extending its specification for a further two assessment years at an estimated cost of rupees seventy lakhs twenty thousand.

Amendment to Section 35AC notification: project location substituted for MMR Research and Eye Care Foundation project address.
The Central Government, on the National Committee's recommendation and under the Explanation to the relevant tax provision, directs that in the table at serial number 8 the words "Mukhmailpur Village, Delhi" be substituted by "Swasthya Vihar, Delhi" in the column describing the project or scheme and estimated cost for MMR Research and Eye Care Foundation, thereby revising the listed project location in the existing notification.