Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Construction of a school building and running of SOS Children's Village at Tamvaram East, Chennai, Tamil Nadu by SOS Children's Villages of India-Chatnath Homes - 045/2007- S.O.246(E) - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Construction of a school building and running of SOS Children s Village at Tamvaram East, Chennai, Tamil Nadu by SOS Children s Villages of India-Chatnath Homes NOTIFICATION NO. 45/2007 DATED 15-2-2007 S.O.246(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), Number S.O.676(E), dated the 10th August, 1998, issued under sub-section (1) read with clause (b) of the Explanation to section 35 AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 8, for Construction of a school building and running of SOS Children s Village at Tamvaram East, Chennai, Tamil Nadu by SOS Children s Villages of India-Chatnath Homes, 7, Raja Krishna Rao Road, Teynampet, Chennai-600018 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 and which was extended further vide notification Number S.O.793(E), dated the 5thJuly, 2004 for a period of three years beginning with financial year 2004-05; 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 and enhancing the project cost from 60.00 lakhs to 105.00 lakhs; 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 - (a) specifies the scheme or project for Construction of a school building and running of SOS Children s Village at Tamvaram East, Chennai, Tamil Nadu, which is being carried out by SOS Children s Villages of India-Chatnath Homes, 7, Raja Krishna Rao Road, Teynampet, Chennai- 600018, as an eligible project or scheme for a further period of three years commencing from the financial year 2006-07; and (b) further amends the said notification Number SO. 676(E), dated the 10th August, 1998, to the following effect, namely :- In the said notification, in the Table against serial Number 8, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC, for the letters, figures and word, 60.00 lakhs , the letters, figures and word 105.00 lakhs shall be substituted. [F.No. 45/2007/F. No. NC-274/04/2006]