Notification u/s 35AC- Notifies the scheme or project for Running of Founding-cum-adoption center for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai - 98/2012 - Income Tax

NOTIFICATION NO. 98/2012 DATED 12-3-2013 S.O. 628(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 832(E) dated the 18th September, 1998, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961) , the Central Government had specified at serial number 7, for Running of Founding-cum-adoption center for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai by Karna Prayag Trust, 7, Raja Krishna Rao Road, Teynampet, Chennai-600018, Tamilnadu, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number S.O.1047(E) dated the 18th October, 2001 for a period of three years beginning with assessment year 2002-2003 which was extended further vide notification number S.O. 713(E) dated the 25th May, 2005 for a period of three years beginning with financial year 2004-2005, which was extended further vide notification number S.O. 1149(E) dated 16th July, 2007 for a period of three years beginning with financial year 2007-08 and which was extended further vide notification number No. 2521(E) dated 11th October, 2010 for a period of three years beginning with financial year 2010-11; And whereas vide notification number S.O.287(E) dated the 28th March, 2001 , the estimated cost was amended from ₹ 60.00 lakhs as corpus fund to 1 [ ₹ 20.00 lakhs plus a corpus fund of ₹ 40.00 lakhs ] and vide notification number S O. 1118(E) dated the 24th October, 2002 the estimated cost was amended from ₹ 40.00 lakhs plus, a corpus fund of ₹ 20.00 lakhs to ₹ 20.00 lakhs plus a corpus of ₹ 40.00 lakhs and vide notification number S.O. 1014(E) dated the 5th July, 2006, the estimated cost was amended from ₹ 40.00 lakhs plus a corpus fund of ₹ 20.00 lakhs to ₹ 20.00 lakhs plus a corpus of ₹ 40.00 lakhs and vide notification number S.O. 1149(E) dated 16th July, 2007, the estimated cost was enhanced from ₹ 60 lakh to ₹ 120 lakh including a corpus fund of ₹ 40 lakh. And whereas the said project or scheme is likely to extend beyond fifteen years; And whereas the National Committee for Promotion of Social and Economic Welfare, 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 extending the said project or scheme for a further period of three years and amending the project cost of ₹ 120 lakh including a corpus fund of ₹ 40 lakh to ₹ 150 lakh; Now, therefore, the Central Government, in exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961) , - (a) hereby notifies the scheme or project for Running of Founding-cum-adoption center for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai, which is being carried out by Karna Prayag Trust, 7, Raja Krishna Rao Road, Teynampet, Chennai-600018, Tamilnadu, as an eligible project or scheme for a further period of three years commencing from the financial year 2013-14 i.e. 2013-14, 2014-15 2015-16. (b) further amends the said notification number S.O. 832(E) dated the 18th September, 1998 , to the following effect, namely:- In the said notification, in the Table against serial number 7, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC of Income-tax Act, 1961 for the letters, figures and words '₹ 120 lakh including a corpus fund of ₹ 40 lakh' the letters, figures and words '₹ 150 lakh' shall be substituted . [F.NO. V- 27015/4/2012-SO(NAT.COM)] ****** *** Notes 1. Corrected vide NOTIFICATION NO. 170, DATED 5-7-2006 before it was read as ₹ 40.00 lakhs plus a corpus fund of ₹ 20.00 lakhs