Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Jagshanti Udayan Care Hostel for Women, by Udayan Care - 112/2007 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Jagshanti Udayan Care Hostel for Women, by Udayan Care NOTIFICATION NO. 112/2007, DATED 29-3-2007 S.O.475(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 839 (E), dated the 24 th July, 2003, 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 1, for Jagshanti Udayan Care Hostel for Women, by Udayan Care, 412 Sant Nagar, East of Kailash, New Delhi -110065, as an eligible project or scheme for a period of three years beginning with assessment year 2004-05; AND WHEREAS the said project or scheme is likely to extend beyond three 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 ₹ 210 lakhs to ₹ 310 lakhs including a corpus fund of ₹ 210 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), - (a) hereby specifies the scheme or project for Jagshanti Udayan Care Hostel for Women, which is being carried out by Udayan Care, 412, Sant Nagar, East of Kailash, New Delhi-110065, 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.839(E), dated the 24 th July, 2003, to the following effect, namely :- 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 35 AC, for the letters, figures and words ₹ 210 lakhs (corpus fund) , the letters, figures and words ₹ 310 lakhs including a corpus fund of ₹ 210 lakhs shall be substituted. [F.No.NC-274/3/2007]