Exemption u/s 35AC - Central Government had specified for Construction of building, purchase of equipments and running of school at Adipur, Gujarat by Mata Lachmi Rotary Charitable Society, Gujarat - 224/2006 - Income Tax

Exemption u/s 35AC - Central Government had specified for Construction of building, purchase of equipments and running of school at Adipur, Gujarat by Mata Lachmi Rotary Charitable Society, Gujarat NOTIFICATION NO. 224/2006 DATED 4-9-2006 S.O. 1406(E) Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 698(E), dated the 3rd October, 1997, 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 2, for Construction of building, purchase of equipments and running of school for vocational training/rehabilitation of hearing handicapped children at Adipur, Kutch, Gujarat by Mata Lachmi Rotary Charitable Society, Station Road, Adipur, Kutch-370205, Gujarat, 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.121(E), dated the 11 February, for a period of three years beginning with assessment year 2001-02 and which was extended further vide notification number S.O. 901(E), dated the 5th August, 2003 for a period of three years beginning with assessment year 2004-05; And whereas by Notification Number S.O. 17(E), dated the 4th January, 2000 the estimated cost was enhanced from ₹ 19.00 lakhs plus a corpus fund of ₹ 15.00 lakhs to ₹ 38.82 lakhs (including a corpus fund of ₹ 15.00 lakhs) which was further enhanced vide Notification No. S.O. 913(E), dated the 20th September, 2001 from ₹ 38.82 lakhs (including a corpus fund of ₹ 15.00 lakhs) to ₹ 48.59 lakhs (including a corpus fund of ₹ 15.00 lakhs) and which was further enhanced vide Notification No. S.O.61(E), 22nd January, 2003 from corpus fund of ₹ 15.00 lakhs to ₹ 24.28 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; 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 specifies the scheme or project for Construction of building, purchase of equipments and running of school for vocational training/rehabilitation of hearing handicapped children at Adipur, Kutch, Gujarat which is being carried out by Mata Lachmi Rotary Charitable Society, Station Road, Adipur, Kutch-370205, Gujarat, without any change in the approved cost of ₹ 48.59 lakhs (including a corpus fund of ₹ 24.28 lakhs), as an eligible project or scheme for a further period of three years commencing from the financial year 2006-07. [F. No. NC-2 74/2/2006]