Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Shraddha Rehabilitation Foundation Centre for mentally ill destitute. Garnet, Behind Shanti Ashram, Mumbai-400003, by Shraddha Rehabilitation Foundation - 125/2007 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Shraddha Rehabilitation Foundation Centre for mentally ill destitute. Garnet, Behind Shanti Ashram, Mumbai-400003, by Shraddha Rehabilitation Foundation NOTIFICATION NO. 125/2007, DATED 29-3-2007 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O.1273(E), dated the 9 th December, 2002, 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 11, for Shraddha Rehabilitation Foundation Centre for mentally ill destitute. Garnet, Behind Shanti Ashram, Borivli (W), Mumbai-400003, by Shraddha Rehabilitation Foundation, Garnet, Behind Shanti Ashram, Borivli (W), Mumbai-400 003, as an eligible project or scheme for a period of three years beginning with assessment year 2003-04 and which was extended further vide notification number S.O.1598(E), dated the 14 th November, 2005 for a period of three years beginning with financial year 2005-06; AND WHEREAS the said project or scheme is likely to extend beyond six 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 enhancing the project cost from Rs.43.30 lakhs to Rs. 150.00 lakhs; NOW, THEREFORE , the Central Government, in exercise of the powers conferred by subsection (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 Shraddha Rehabilitation Foundation Centre for mentally ill destitute. Garnet, Behind Shanti Ashram, Borivli (W), Mumbai-400003, which is being carried out by Shraddha Rehabilitation Foundation, Garnet, Behind Shanti Ashram, Borivli (W), Mumbai-400 003; and (b) further amends the said notification number S.O.1273(E) dated the 9 th December, 2002, to the following effect, namely :- In the said notification, in the Table against serial number 11, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC, for the letters, figures and word "Rs.40.30 lakhs", the letters, figures and word "Rs. 150.00 lakhs" shall be substituted. [F.No.NC-274/3/2007]