Exemption u/s 35AC - Central Government had notified "Rural Development Projects at Thirukkurungudi, Padavedu, Erattai Thirupathi and ThirukklurVillages of Tamilnadu and KembalVillage of Karnataka" as an eligible project or scheme - 13/2009/S.O. 242(E) - Income Tax

Exemption u/s 35AC - Central Government had notified "Rural Development Projects at Thirukkurungudi, Padavedu, Erattai Thirupathi and Thirukklur Villages of Tamilnadu and Kembal Village of Karnataka" as an eligible project or scheme NOTIFICATION New Delhi , the 21st January, 2009 S.O. 242(E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.267(E) dated the 23rd March, 2000, issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 196l), the Central Government had notified at serial number 8, "Rural Development Projects at Thirukkurungudi, Padavedu, Erattai Thirupathi and Thirukklur Villages of Tamilnadu and Kembal Village of Karnataka" by Srinivasan Services Trust, Jayalakshmi Estates, 8, Haddows Road, Chennai- 600006, as an eligible project or scheme for a period of three years beginning with assessment year 2000-2001, which was extended further vide notification number S.O. 1116(E), dated the 24th October, 2002 for a period of three years beginning with assessment year 2003-2004 and which was extended further vide notification number S.O.509(E), dated the 4th April, 2006 for a period of three years beginning with financial year 2005-2006; And whereas by notification number S.O.896(E) dated the 5th August, 2003 the inclusion of 8 villages, namely, Khhakondapalli, Mookandapalli, Mathigiri, Belagondapalli, Bethlapalli, Padi, Vanagaram and Mappedu in the approved project, And whereas the said project or scheme is likely to extend beyond nine 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 farther recommendation under sub-rule (5) of rule 11M of the Income-tax Rules, 1962 for extending the said project or scheme for a farther period of three years and amending the project cost from Rs.700.00 lakh to Rs. 850.00 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 "Rural Development Projects at Thirukkurungudi, Padavedu, Erattai Thirupathi and Thirukklur Villages of Tamil Nadu and Kembal Village of Karnataka", being carried out by Srinivasan Services Trust, Jayalakshmi Estates, 8, Haddows Road, Chennai - 600006 for a period of three more years beginning with financial year 2008-2009 i.e. 2008-2009, 2009-2010 and 2010-2011. (c) further amends the said notification number S.O.267(E) dated the 23rd March, 2000, to the following effect, namely:- In the said notification, in the Table against serial number 4, in column (4), relating to maximum cost for which allowed, for the letters, figures and word "Rs. 700.00 lakh" the letters, figures and word "Rs.850.00 lakh" shall be substituted. [No.13/2009/F.No. NC-274/17/2008] NAVEEN CHANDRA, Director (National Committee)