U/s. 35AC, IT Act, 1961 - Eligible projects or schemes, expenditure on "Construction of a school building and running of SOS Children's Village at Tambaram East, Chennai, Tamilnadu" by SOS Children Villages of India-Chatnath Homew, Chennai, - 125/2011 - Income Tax

U/s. 35AC, IT Act, 1961 - Eligible projects or schemes, expenditure on "Construction of a school building and running of SOS Children's Village at Tambaram East, Chennai, Tamilnadu" by SOS Children Villages of India-Chatnath Homew, Chennai, Notification No. 125/2011 Dated 27-12-2011 S.O. 2886(E), - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.676(E), dated the 11th August, 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 notified at serial number 8, "Construction of a school building and running of SOS Children's Village at Tambaram East, Chennai, Tamilnadu" by SOS Children Villages of India-Chatnath Homew, 7, Raja Krishna Road, Teynampet, Chennai - 600 018, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000, which was extended further vide notification number S.O.568(E), dated the 20th June, 2001 for a period of three years beginning with assessment year 2002-03, which was extended further vide notification number S.O,793(E), dated the 5th July, 2004 for a period of three years beginning with financial year 2004-05, which was extended further vide notification number S.O.246(E), dated the 15th February, 2007 for a period of three years beginning with financial year 2006-07 and which was extended further vide notification number S.O. 1258(E), dated 18th May, 2009 for a period of three years beginning with financial year 2009-10; And whereas by notification number S.O. 246(E), dated the 15th February, 2007 the estimated cost was enhanced from Rs.60.00 lakh to Rs. 105.00 lakh and notification number S.O. 1258(E), dated 18th May, 2009 the estimated cost was enhanced from Rs. 105.00 lakh to 150 lakh; And whereas the said project or scheme is likely to extend beyond fifteen 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 extending the said project or scheme for a further period of three years and amending the project cost from Rs. 150.00 lakh to Rs. 175.00 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 "Construction of a school building and running of SOS Children's Village at Tambaram East, Chennai, Tamilnadu", which is being carried out by SOS Children Villages of India-Chatnath Homes, 7, Raja Krishna Road, Teynampet, Chennai - 600 018, for a period of three years commencing with the financial year 2012-13 i.e., 2012-13, 2013-14 and 2014-15; (b) further amends the said notification number S.O.676(E), dated the 11th August, 1998, to the following effect, namely: In the said notification, in the Table against serial number 8, in column (4), relating to maximum to be allowed as deduction under section 35AC of Income Tax Act, 1961, for the letters, figures and word "Rs. 150.00 lakh" the letters, figures and word "Rs. 175.00 lakh" shall be substituted. [F.No.V-27015/5/2011-SO (NAT.COM)]