Exemption u/s 35AC - Central Govt. has specified the construction of arts and commerce college at Karvenagar, Pune, as an eligible project or scheme

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.... DATED 17-8-1995 Whereas by Notification No. S.O. 267(E), dated 29th March, 1994, issued under clause (b) of Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified, at serial number 12, the (a) construction of arts and commerce college at Karvenagar, Pune, in which 75 per cent. beneficiaries will belong to economic and other backward classes l....

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....f two assessment years commencing from the assessment year 1994-95 ; And whereas, the said project or scheme is likely to extend beyond three years ; And whereas, the National Committee has, being satisfied that the said project or scheme is being executed properly, made a further recommendation under sub-rule (5) of rule 11M of the Income-tax Rules, 1962, for specifying the said project or sc....