Explanation to section 35AC - 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 - 026/2007 - S.O. 1503(E) - Income Tax

Explanation to section 35AC - 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 [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II], GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) New Delhi, dated the 7th September, 2007 S.O. 1503(E).- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.1140(E) dated the 18th November, 1999, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 , the Central Government had specified at serial number 3, for 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-532001 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.975(E) dated the 10th September, 2002 for a period of two years beginning with assessment year 2003-2004 and which was extended further vide notification number S.O. 388(E) dated the 23th October, 2005 for a period of two years beginning with financial year 2004-2005; And whereas by notification number S.O. 529(E) dated the 9th May, 2003, the estimated cost was enhanced from ₹ 23.93 lakhs to ₹ 23.93 lakhs plus a corpus fund of ₹ 15.00 lakhs and vide notification no. 388(E) dated the 23th March 2005 the estimated cost was further enhanced from ₹ 23.93 lakhs plus a corpus fund of ₹ 15.00 lakhs to Rs.₹ 23.93 lakhs plus a corpus fund of ₹ 20.00 lakhs; And whereas the said project or scheme is likely to extend beyond seven 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) , hereby specifies the scheme or project for 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-532001, without any change in the approved cost of ₹ 23.93 lakhs plus a corpus fund of ₹ 20 lakhs, as an eligible project or scheme for a further period of three years beginning with financial year 2006-2007. [No.26/ 2007/F.No. NC-274/03/2007] Vijay Kumar, Director (National Committee)