Exemption Under Section 35AC(1) Running of Founding-cum-adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai by Kama Prayag Trust - 75/2010 [F. NO. V-27015/3/2010-SO(NAT.COM)]/S.O. 2521(E) - Income Tax

Exemption Under Section 35AC(1) Running of Founding-cum-adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai by Kama Prayag Trust I NOTIFICATION NO. 75/2010 [F. NO. V-27015/3/2010-SO(NAT.COM)]/S.O. 2521(E), DATED 11-10-2010 WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 832(E), dated the 18th September, 1998, 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 specified at serial number 7, for Running of Founding-cum-adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai by Kama 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 which was extended further vide notification number S.O. 1047(E) dated the 18th October, 2001, for a period of three years beginning with the assessment year 2002-03 which was extended further vide notification number S.O. 713(E) dated the 25th May, 2005, for a period of three years beginning with the financial year 2004-05 and which was extended further vide notification number S.O. 1149(E) dated 16th July, 2007 for a period of three years beginning with the financial year 2007-08; AND WHEREAS vide notification number S.O. 287(E) dated the 28th March, 2001, the estimated cost was amended from Rs. 60.00 lakhs as corpus fund to Rs. 40.00 lakhs plus a corpus fund of Rs. 20.00 lakhs and vide notification number S.O. 1118(E) dated the 24th October, 2002 the estimated cost was amended from Rs. 40.00 lakhs plus a corpus fund of Rs. 20.00 lakhs to Rs. 20.00 lakhs plus a corpus of Rs. 40.00 lakhs and vide notification number S.O. 1014(E) dated the 5th July, 2006, the estimated cost was amended from Rs. 40.00 lakhs plus a corpus fund of Rs. 20.00 lakhs to Rs. 20.00 lakhs plus a corpus of Rs. 40.00 lakhs and vide notification number S.O. 1149(E) dated 16th July, 2007, the estimated cost was enhanced from Rs. 60 lakhs to Rs. 120 lakhs including a corpus fund of Rs. 40 lakhs. AND WHEREAS the said project or scheme is likely to extend beyond twelve 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),—( a ) hereby specifies the scheme or project for running of founding-cum-adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai, which is being carried out by Kama Prayag Trust, 7, Raja Krishna Rao Road, Teynampet, Chennai-600 018, Tamilnadu, without any change in the approved cost Rs. 120.00 lakhs including corpus fund of Rs. 40.00 lakhs, as an eligible project or scheme for a further period of three years commencing from the financial year 2010-11, i.e. , 2010-11, 2011-12 and 2012-13.