Exemption u/s 35AC - Central Government had specified for CRY Supported Development project all over India, by CRY (Child Relief and you as an eligible project or scheme for a period of three years -Amendment in N. No. S.O. 388(E), dated the 19th May,1997 - 233/2006 - Income Tax

Exemption u/s 35AC - Central Government had specified for CRY Supported Development project all over India, by CRY (Child Relief and you as an eligible project or scheme for a period of three years -Amendment in N. No. S.O. 388(E), dated the 19th May,1997 NOTIFICATION NO. 233/2006, DATED 4-9-2006 S.O. 1415(E). Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 388(E), dated the 19th May,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 24, for CRY Supported Development project all over India, by CRY (Child Relief and you), DDA Slum Wing Barat Ghar, Bapu Park, Kotla Mubarakpur, New Delhi, 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. 634(E), dated the 5th July, 2000 for a period of three years beginning with Assessment Year 2001-02 which was extended further vide Notification Number S.O. 692(E), dated the 13th June, 2003 for a period of three years beginning with Assessment Year 2004-05; And whereas by Notification Number S.O. 634(E), dated the 5th July, 2000 the estimated cost was enhanced from ₹ 1650.00 lakhs to ₹ 2773.00 lakhs which was further enhanced vide Notification No. S.O. 692(E), dated the 13th June, 2003 from ₹ 2773.00 lakhs to ₹ 5373.00 lakhs and which was further enhanced vide Notification No. S.O. 146(E), 3rd February, 2006 from ₹ 5373.00 lakhs to ₹ 5873.00 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 project cost from ₹ 5873.00 lakhs to ₹ 120.85 crores; 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 CRY Supported Development project all overIndia, which is being carried out by CRY (Child Relief and you), DDA Slum Wing Barat Ghar, Bapu Park, Kotla Mubarakpur, New Delhi 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. 388(E), dated the 19th May, 1997, to the following effect, namely :- In the said Notification, in the Table against serial number 24, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and words ₹ 5873.00 lakhs, the letters, figures and words ₹ 120.85 crores shall be substituted. [F. No. NC-274/2/2006]