Exemption u/s 35AC - Central Government had specified for Construction of building for old age home complex at Andhra Pradesh, by Srikakulam, Vyaodhikula Sangham as an eligible project or scheme - Amendment in N. No. S.O.I 140(E) dated the 18th November, 1999 - 099/2005 - Income Tax

Exemption u/s 35AC - Central Government had specified for Construction of building for old age home complex at Andhra Pradesh, by Srikakulam, Vyaodhikula Sangham as an eligible project or scheme - Amendment in N. No. S.O.I 140(E) dated the 18th November, 1999 NOTIFICATION NO. 99/2005, DATED 23-3-2005 S.O.388(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.I 140(E) dated the 18th November, 1999, issued under sub-section (1) read with clause ( b ) of the Explanation to section 35 AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 3, for Construction of building for old age home complex at Srikakulam, Andhra Pradesh, by Srikakulam, Vyaodhikula Sangham, (Srikakulam Elders Association), D.No.7-6-44, Burravvari Thota, Srikakulam, Andhra Pradesh-532001, as an eligible project or scheme for a period of three years beginning with assessment year 2000-2001 which was extended further vide notification number S.O.975(E) dated the 10th September, 2002 for a period of two years beginning with assessment year 2003-2004; And whereas by notification number S.O.529(E) dated the 9th May, 2003, the estimated cost was enhanced from ₹ 23.93 lakhs to ₹ 23.93 lakhs plus a corpus fund of ₹ 15.00 lakhs; And whereas, the said project or scheme is likely to extend beyond five years; And, whereas, the National Committee for the 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 two years and amending the project cost from ₹ 23.93 lakhs plus a corpus fund of ₹ 15 lakhs to ₹ 23.93 lakhs plus a corpus fund of ₹ 20.00 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 building for old age home complex at Srikakulam, Andhra Pradesh which is being carried out by Srikakulam, Andhra Pradesh-532001, as an eligible project or scheme for a further period of two years commencing from the financial year 2004-2005; and ( b ) further amends the said notification number S.O. 1140(E) dated the 18th November, 1999, to the following effect, namely:- In the said notification, in the Table against serial number 3, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and words ₹ 23.93 lakhs plus a corpus fund of ₹ 15 lakhs, the letters, figures and words ₹ 23.93 lakhs plus a corpus fund of ₹ 20 lakhs shall be substituted. [F.No. NC-270/01/2005]