Notification u/s 35AC - Notifies the scheme Srikakulam Vayodhikula Sangham - 39/2012 - Income Tax

Notification No. 39/2012 Dated : 14.05.2012 S.O. 1072 (E)- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 1140(E), dated 18th November, 1999, 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 3, Construction of building for old age home complex at Srikakulam, Andhra Pradesh by Srikakulam Vayodhikula Sangham, (Srikakulam Elders Association), D. No. 7-6-44, Burravari Thota, Srikakulam, Andhra Pradesh-532 001 as an eligible project or scheme for a period of three years beginning with the assessment year 2000-01 which was extended further vide notification number S. O. 975(E), dated 10th September, 2002, for a period of two years beginning with the assessment year 2003-04 and which was extended further vide notification number S.O. 388(E), dated 23rd March, 2005, for a period of two years beginning with the financial year 2004-05, which was extended further vide notification number S. O. 1503(E), dated September 7, 2007 , for a period of three years beginning with the financial year 2006-07 and which was extended farther vide notification number S.O. 2056(E), dated August 6, 2009 , for a period of three years beginning with the financial year 2009-10 ; And whereas by notification number S.O. 529(E), dated 9th May, 2003 ; the estimated cost was enhanced from ₹ 23.93 lakhs to ₹ 23.93 lakhs plus a corpus fund of ₹ 15.00 lakh and vide notification No. 388(E), dated 23rd March 2005, the estimated cost was further enhanced from ₹ 23.93 lakhs plus a corpus fund of ₹ 15.00 lakh to ₹ 23.93 lakh plus a corpus fund of ₹ 20.00 lakh and vide notification No. S. O. 2056(E), dated August 6, 2009 , the estimated cost was further enhanced from ₹ 23.93 lakhs plus a corpus fund of ₹ 20 lakhs to ₹ 30 lakh plus a corpus fund of ₹ 20 lakh ; And whereas the said project or scheme is likely to extend beyond thirteen 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 specifying the said project or scheme for a further period of three years ; 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 notified the scheme or project Construction of building for old age home complex at Srikakulam, Andhra Pradesh , which is being carried out by Srikakulam Vayodhikula Sangham, (Srikakulam Elders Association), D.No.7-6-44, Burravari Thota, Srikakulam, Andhra Pradesh-532 001, without any change in the approved cost of ₹ 30.00 lakh plus a corpus fund of ₹ 20.00 lakh, as an eligible project or scheme for a further period of three years commencing with the financial year 2012-13, i.e., 2012-13, 2013-14 and 2014-15. [F. No. V. 27015/2/2012-SO (NAT. COM.)]