Exemption under section 35AC: extension of eligibility for Sports Coaching Foundation projects for three assessment years.
Exemption under section 35AC is applied to the Sports Coaching Foundation's capital and revenue projects at Masab Tank, Hyderabad, designating them as eligible schemes. Following the National Committee's recommendation under the Income tax Rules that the projects are being properly executed, the Central Government extends the earlier specification for a further three assessment years, maintaining the projects' eligible status and noting the project location and estimated cost.

Exemption under section 35AC extended for Deepalaya school project; eligible donations retain tax benefit for further assessment years.
The Central Government has specified the Deepalaya project for construction, furnishing and equipment of a school at Govindpuri, Kalkaji Extension, Delhi as an eligible project under the Income-tax Act for a further three assessment years commencing with assessment year 1999-2000, following a recommendation of the National Committee that the project is being executed properly, at an estimated cost of rupees one hundred eighty-six lakhs.

Section 35AC amendment substitutes a hospital project description to "Purchase and running of Willingdon Hospital" in the notification.
The Central Government, exercising powers under section 35AC and on the National Committee's recommendation, amends S.O.862(E) by substituting in column 3 against Serial No. 6 the phrase "Purchase and running of Willingdon Hospital, Chennai, Tamilnadu" in place of "Construction, furnishing and equipments of rural community hospital, canteen, dharmshala and staff quarters for hospital staff at Chennai, Tamilnadu."

Permanent Account Number application deadline extended for transitional applicants, altering cutoff timing for assessment years.
The notification amends earlier PAN transition deadlines under section 139A by extending the application cutoff for assessment year 1997-98 and substituting paragraph 2 to require applications before a specified later date for assessment year 1998-1999 and on or before the usual June cutoff for assessment year 1999-2000 and subsequent years, thereby setting the revised timeline for applicants to apply to the Assessing Officer for allotment under the new PAN series.

Notification correction clarifies company name in income-tax notification, amending Transcrop to Transcorp under section 36(1)(viii).
Central Government issues a correction to Notification No. 10625 dated 3-6-1998 under clause (viii) of sub-section (1) of section 36, substituting the incorrectly recorded corporate name "Transcrop Housing Finance Ltd." with the correct name "Transcorp Housing Finance Ltd."

Approval under section 36(1)(viii) for corporate deduction granted for specified assessment years, subject to statutory compliance.
The Central Government approved M/s. Tamilnadu Power Finance and Infrastructure Development Corporation Ltd., Chennai, for purposes of section 36(1)(viii) of the Income-tax Act, 1961 for the assessment years 1998-99 and 1999-2000, by public notification. The approval is subject to the condition that the company shall conform to and comply with the provisions of section 36(1)(viii) of the Income-tax Act.

Tax approval under section 36(1)(viii) recognizes the company for deduction purposes, subject to statutory compliance.
Approval was granted to the company for specified assessment years recognizing it for purposes of the deduction provision in section 36(1)(viii) of the Income-tax Act, subject to the condition that the company conform to and comply with the statutory requirements of that provision.

Approval under section 36(1)(viii) grants conditional recognition to a housing finance company for specified assessment years.
Approval under section 36(1)(viii) of the Income tax Act has been granted to M/s. Transcrop Housing Finance Ltd., Jaipur for specified assessment years, subject to the company's conformity and compliance with the provisions of section 36(1)(viii) of the Income tax Act.

Approval under section 36(1)(viii): company authorised for tax recognition, subject to compliance with the provision.
The Central Government approved M/s India Renewable Energy Development Agency Ltd., New Delhi, for the purposes of section 36(1)(viii) of the Income tax Act, 1961, for specified assessment years; the approval is conditional on the company conforming to and complying with the provisions of section 36(1)(viii).

Hotel approval criteria for tax benefit expanded; new location and room-cap thresholds govern eligibility under revised rules.
The amendment to rule 18BBC adds a sub-rule requiring prescribed authority approval for hotels seeking the industrial tax incentive by setting three conditions: location in a designated incentivised area; aggregate three star and above room counts within the hotel's revenue sub-division not exceeding the prescribed ceiling; and, for places needing tourism infrastructure, prior specification by the Central Government on the Department of Tourism's recommendation.

Exemption from capital gains under section 54EB: specified bonds by issuer enable reinvestment relief for taxpayers.
Exemption from capital gains is effected by specifying bonds issued by Wind Energy System Care (India) Ltd. as long term specified securities under section 54EB, permitting reinvestment of long term capital gains in those bonds. The bonds must be issued within one year of notification, adhere to the aggregate issue ceiling, and remain non transferable for seven years after allotment.

Exemption from capital gains: specified bonds designated long term securities enabling reinvestment under section 54EA for eligible issuances.
Bonds issued by Wind Energy System Care (India) Ltd are designated as long-term specified securities under section 54EA for capital gains reinvestment, provided they are issued within one year of the notification, do not exceed the aggregate amount set out in the notification, and are not transferable for three years from allotment.

Exemption from capital gains: specified reinvestment in issued equity or debentures permits rollover relief, with three-year recapture.
Notification specifies that Reliance Telecom Ltd may issue equity and debentures within one year, and that investment of long-term capital gains in those specified instruments qualifies for exemption under section 54EA; if the allotted instruments are transferred within three years, the initial investment is chargeable to tax as capital gains under sub-section (2) of section 54EA.

Capital gains reinvestment exemption: specified equity and bonds qualify when invested from long term capital gains, with clawback on early transfer.
The notification permits exemption from capital gains where an assessee reinvests long term capital gains in specified equity and bonds issued by Reliance Power Ltd. within one year of the notification, provided the investment is made out of income chargeable as long term capital gains; if the allotted securities are transferred within three years of allotment, the initial investment is chargeable to tax under the statutory recapture provisions.

Housing Finance Company approval under section 36(1)(viii) grants tax recognition for specified assessment years, subject to compliance.
Berar Housing Finance Limited is recognised as a housing finance company for income tax purposes under section 36(1)(viii), with the notification granting the company that tax status for the specified assessment years. The approval is conditional on the company's continued conformity and compliance with the operative provisions of section 36(1)(viii).

Approval under section 36(1)(viii) confirms housing finance company status for specified assessment years, subject to compliance.
M/s. Global Housing Finance Corporation Ltd. is approved as a Housing Finance Company for purposes of section 36(1)(viii) of the Income tax Act for assessment years 1997 98 to 1999 2000; the approval is conditional on the company conforming to and complying with the provisions of that section.

Long-term specified securities: shares and debentures designated for issuance with one-year window and three-year non-transferability.
Specification under section 54EA designates shares and debentures of Reliance Patalganga Power Ltd as long-term specified securities, to be issued within a one-year window and subject to a three-year non-transferability or non-convertibility lock-in after allotment, with upper aggregate issuance limits and issuer-specific conditions.

Income tax exemption under section provision extended for Integrated Rural Development Project; eligibility continued and approved cost increased.
Central Government designates the Integrated Rural Development Project of Jankidevi Bajaj Gram Vikash Sanstha, Pune as an eligible project under the Income-tax exemption provision for a further three assessment years, acting on the National Committee's recommendation that the project is properly executed and that its approved cost be increased; the notification records prior specifications and extensions and sets the revised estimated cost for the extended period.

Section 35AC exemption extended for Research and Rehabilitation Centre for the Deaf, maintaining its eligibility for further assessment years.
Central Government, acting on a National Committee recommendation under the Income-tax Rules, specified the Research and Rehabilitation Centre for the Deaf of the Delhi Association of the Deaf as an eligible project under the income-tax exemption provision for a further three assessment years at an estimated project cost of one crore, extending the project's period of eligibility following earlier notifications and prior extensions.

Exemption under section 35AC: specified educational construction project retained as eligible for further assessment years.
Central Government specifies construction of Arts and Commerce College, Rural Science and Pharmacy College, an Industrial Training Institute and a hostel at Shardagram of Shree Bharat Saraswati Mandir Sansad as an eligible project under the Explanation to section 35AC, following the National Committee's recommendation that the project is being executed properly, and extends its eligibility for tax-exempt donations for a further three assessment years commencing from assessment years beginning in 1999 at the estimated cost stated in the notification.