Exemption u/s 35AC - central government had notified mahatama gandhi mission for gram swarjya by banwasi seva ashram, govindpur (via turra), sonbhadra, u.p., as an eligible project or scheme - S.O. 2399(E) - Income Tax

Exemption u/s 35AC - central government had notified mahatama gandhi mission for gram swarjya by banwasi seva ashram, govindpur ( via turra), sonbhadra, u.p., as an eligible project or scheme Notification No. 78/2008 [F.No. NC-274/13/2008] S.O. 2399(E) dated 3-10-2008 Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 711(E), dated the 25th September, 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 1, "( a ) Mahatama Gandhi Mission for Gram Swarjya (at an estimated cost of Rs. 6.00 crore); ( b ) Construction and Equipment of One Hundred Women and Children Centres in the tribal village in the District of Sonbhadra (UP) (at an estimated cost of Rs. 1.5 crore); and ( c ) Banwasi Bhawana-Construction and Equipment of a Hostel- cum -training Centre for SC/ST and other poor students (at an estimated cost of Rs. 1.5 crore)" by Banwasi Seva Ashram, Govindpur ( Via Turra), Sonbhadra, U.P., 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. 841(E), dated the 22nd November, 1994 for a period of three years beginning with assessment year 1996-97, which was extended further vide notification number S.O. 58(E), dated the 16th January, 1998 for a period of three years beginning with assessment year 1999-2000, which was extended further vide notification number S.O. 865(E), dated the 14th August, 2002 for a period of three years beginning with assessment year 2002-03 and which was extended further vide notification number S.O. 139(E), dated the 2nd February, 2005 for a period of three years beginning with financial year 2004-05; 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 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 notifies the scheme or project "( a ) Mahatama Gandhi Mission for Gram Swarjya (at an estimated cost of Rs. 6.00 crore); ( b ) Construction and Equipment of One Hundred Women and Children Centres in the tribal village in the District of Sonbhadra (UP) (at an estimated cost of Rs. 1.5 crore); and ( c ) Banwasi Bhawana-Construction and Equipment of a Hostel- cum -training Centre for SC/ST and other poor students (at an estimated cost of Rs. 1.5 crore)" being carried out by Banwasi Seva Ashram, Govindpur ( Via Turra), Sonbhadra, U.P., without any change in the approved cost of Rs. 9.00 crore, as an eligible project or scheme for a further period of three years beginning with financial year 2007-08. However, since the financial year 2007-08 has already elapsed, the approval shall not be valid for financial year 2007-08 in respect of funds collected during this financial year and no certificate for exemption of donation under section 35AC(1) of the Income-tax Act, 1961 shall be issued for this financial year.