Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Development of land and construction of 5000 houses, "Amrita Kuteeram" all over India by Mata Amritanandamayi Charitable Trust - 104/2007 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Development of land and construction of 5000 houses, Amrita Kuteeram all over India by Mata Amritanandamayi Charitable Trust NOTIFICATION NO. 104/2007, DATED 29-3-2007 S.O.467(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 698(E), dated the 3 rd October, 1997, 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 1, for Development of land and construction of 5000 houses, Amrita Kuteeram all over India by Mata Amritanandamayi Charitable Trust, Amritapuri, P.O., Kollam District, Kerala-690525 as an eligible project or scheme for a period of three years beginning with assessment year 1998-99, which was extended further vide notification number S.O.874(E), dated the 21 st September, 2000 for a period of three years beginning with assessment year 2001-02 and which was extended further vide notification number S.O.1257(E), dated the 30 th October, 2003 for a period of three years beginning with assessment year 2004-05; AND WHEREAS vide notification number S.O.1257(E), dated the 30 th October, 2003 the estimated cost was enhanced from ₹ 1400.00 lakhs to ₹ 7400.00 lakhs; AND WHEREAS the said project or scheme is likely to extend beyond nine 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 amending the 5000 houses to 1,00,000 houses and enhancing the project cost from ₹ 7400.00 lakhs to ₹ 300.00 crore; 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 development of land and construction of 5000 houses- Amrita Kuteeram all over India, which is being carried out by Mata Amritanandamayi Charitable Trust, Amritapuri, P.O., Kollam District, Kerala-690525 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 S.O.698(E), dated the 3 rd October, 1997, to the following effect, namely :- (i) In the said notification, in the Table against serial number 1, in column (3), relating to Project or Scheme and estimated cost thereof for the figures and word 5000 houses , the figures and word 1,00,000 houses shall be substituted; (ii) In the said notification, in the Table against serial number 1, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word ₹ 7400.00 lakhs , the letters, figures and word ₹ 300.00 crores shall be substituted. [F.No.NC-274/3/2007]