Exemption u/s 35AC the C. G. had specified for Socio-Economic development of rural areas through leveraging of resources income generation for poor, by ACIL Navasarjan Rural Development Foundation (AnaRDe Foundation) as an eligible project or scheme - 295/2006 - Income Tax

Exemption u/s 35AC the C. G. had specified for Socio-Economic development of rural areas through leveraging of resources income generation for poor, by ACIL Navasarjan Rural Development Foundation (AnaRDe Foundation) as an eligible project or scheme NOTIFICATION No. 295/2006, dated 26-10-2006 S.O. 1828(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 373(E), dated the 19th March, 2004, 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 6, for Socio-Economic development of rural areas through leveraging of resources income generation for poor, wasteland and management and networking and linkages, by ACIL Navasarjan Rural Development Foundation (AnaRDe Foundation), C/o Aegis Logistics Ltd. 4th Floor, Baldota Bhavan, 117, M.K. Road, Mumbai-400020 as an eligible project or scheme for a period of three years beginning with financial year 2003-04; 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 amending the project cost from ₹ 707.25 lakhs to ₹ 1000.00 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 Socio-Economic development of rural areas through leveraging of resources income generation for poor, wasteland and management and networking and linkages, which is being carried out by ACIL Navasarjan Rural Development Foundation (AnaRDe Foundation), C/o Aegis Logistics Ltd. 4th Floor, Baldota Bhavan, 117, M.K. Road, Mumbai-400020 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.373(E), dated the 19th March, 2004, to the following effect, namely :- In the said notification, in the Table against serial number 6, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word, ₹ 707.25 lakhs , the letters, figures and word ₹ 10 crores shall be substituted. [F No. NC-274/03/2006]