Exemption u/s 35AC the C. G. had specified for Construction of Shelter for the homeless by Mother Krishnabai Rural Development Trust, as an eligible project or scheme - 294/2006 - Income Tax

Exemption u/s 35AC the C. G. had specified for Construction of Shelter for the homeless by Mother Krishnabai Rural Development Trust, as an eligible project or scheme NOTIFICATION No. 294/2006, dated 26-10-2006 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 901(E), dated the 20th September, 2001, 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 5, for Construction of Shelter for the homeless, wells, lavatory and assistance to other institutions for welfare activities at Kasargod District, Kerela and other parts of the country, by Mother Krishnabai Rural Development Trust, Ramnagar, Anandashram P.O., Kanhangad-671531, Kerala as an eligible project or scheme for a period of three years beginning with assessment year 2002-03 which was extended further vide notification number S.O. 376(E), dated the 23rd March, 2005 for a period of three years beginning with financial year 2004-05; And whereas by notification number S.O. 65(E), dated the 22nd January, 2003 the estimated cost was enhanced from Rs.55.00 lakhs to Rs. 130.00 lakhs; 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 period of three years and amending the project cost from "Rs. 130.00 lakhs" to "Rs. 200.00 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 Construction of Shelter for the homeless, wells, lavatory and assistance to other institutions for welfare activities at Kasargod District, Kerela andother parts of the country, which is being carried out by Mother Krishnabai Rural Development Trust, Ramnagar, Anandashram P.O., Kanhangad-671531, Kerala 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. 901(E), dated the 20th September, 2001, to the following effect, namely :- In the said notification, in the Table against serial number 5, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word "Rs. 13 0.00 lakhs", the letters, figures and word "Rs. 200.00 lakhs" shall be substituted. [F. No. NC-274/03/2006]