Exemption u/s 35AC - central government had notified, "integrated rural development project" by jankidevi bajaj gram vikas sanstha, c/o samaj seva kendra, pune as an eligible project or scheme - S.O. 2400(E) - Income Tax

Exemption u/s 35ac - central government had notified, integrated rural development project by jankidevi bajaj gram vikas sanstha, c/o samaj seva kendra, pune as an eligible project or scheme Notification No. 79/2008 [F.No. NC-274/13/2008] S.O. 2400(E) dated 3-10-2008 Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 878(E), dated the 30th November, 1992, 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 notified at serial number 3, Integrated Rural Development Project by Jankidevi Bajaj Gram Vikas Sanstha, C/o Samaj Seva Kendra, Survey No. 4272, Behind Akurdi Post Office, Akurdi, Pune - 411 035, as an eligible project or scheme for a period of three years beginning with assessment year 1993-94, which was extended further vide notification number S.O. 293(E), dated the 4th April, 1995 for a period of three years beginning with assessment year 1996-97, which was extended further vide notification number S.O. 438(E), dated the 20th May, 1998 for a period of three years beginning with assessment year 1999-2000, which was extended further vide notification number S.O. 1384(E), dated the 30th December, 2002 for a period of three years beginning with assessment year 2002-03 and which was extended further vide notification number S.O. 789(E), dated the 5th July, 2004 for a period of three years beginning with financial year 2004-05; And whereas by notification number S.O. 438(E), dated the 20th May, 1998 the estimated cost was enhanced from 118.00 lakh to 180.72 lakh, vide notification number S.O. 319(E), dated the 11th May, 1999 the estimated cost was further enhanced from 182.72 lakh to 298.60 lakh and vide notification number S.O. 789(E), dated the 5 July, 2004 the estimated cost was further enhanced from 298.60 lakh to 704.14 lakh; And whereas the said project or scheme is likely to extend beyond fifteen years; And, whereas, the National Committee for the 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 two years to give the applicant to spend the already collected amount under section 35AC of the Income-tax Act, 1961; 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 notifies the scheme or project Integrated Rural Development Project being carried out by Jankidevi Bajaj Gram Vikas Sanstha, C/o. Samaj Seva Kendra, Survey No. 4272, Behind Akurdi Post Office, Akurdi, Pune - 411 035, as an eligible project or scheme for a further period of two years beginning with financial year 2008-09 to spend the already collected amount under section 35AC. However, the applicant cannot raise any further donation under section 35AC of Income-tax Act, 1961.