Exemption u/s 35AC - Central Government had specified for running of fondling-cum-adoption centre for orphaned and destitute children and abandoned babies by Karna Prayag Trust, Chennai, Tamilnadu, as an eligible project or scheme - S.O.1047(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for running of fondling-cum-adoption centre for orphaned and destitute children and abandoned babies by Karna Prayag Trust, Chennai, Tamilnadu, as an eligible project or scheme NOTIFICATION NO. S.O.1047(E) DATED 18-10-2001 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 832(E), dated the 18th September, 19982, as amended by S.O. 287(E), dated the 28th March, 2001, issued under 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 fondling-cum-adoption centre 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-600 018, Tamilnadu, as an eligible project or scheme for a period of three years beginning with the assessment year 1999-2000; 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 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), hereby specifies the scheme or project of running of fondling-cum-adoption centre 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-600 018, Tamilnadu, at the estimated cost of rupees forty lakhs plus a corpus fund of rupees twenty lakhs only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2002-2003. [No. 328-2001/F.No. N.C-100/2001]