Exemption u/s 35AC - Central Government had specified for Running of Founding-cum-adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Chennai, by Karna Prayag Trust as an eligible project or scheme - 149/2005- S.O. 713(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for Running of Founding-cum-adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Chennai, by Karna Prayag Trust as an eligible project or scheme NOTIFICATION No. 149/2005, Dated 25-5-2005 S.O. 713(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.832(E) dated the 18 th September, 1998, 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 7, for Running of Founding-cum-adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai, by Karna Prayag Trust, 7, Raja Krishna Rao Road, Teynampet, Chennai-600018, Tamilnadu, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number S.O.1047(E) dated the 18 th October, 2001 for a period of three years beginning with assessment year 2002-2003, And whereas by notification number S.O. 287(E) dated 28 th March, 2001, the estimated cost was amended from ₹ 60.00 lakhs as corpus fund to ₹ 40.00 lakhs plus a corpus fund of ₹ 20.00 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; Now, therefore, the Central Government, in exercise of the powers conferred by subsection (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 Running of Founding-cum-adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai, which is being carried out by Karna Prayag Trust, 7, Raja Krishna Rao Road, Teynampet, Chennai-600018, without any change in the approved cost i.e. 1 [ ₹ 20.00 lakhs plus a corpus fund of ₹ 40.00 lakhs. ] , as an eligible project or scheme for a further period of three years commencing from the financial year 2004-2005. [F.No. NC-270/11/2005] ******* Notes 1. Substituted vide CORRIGENDUM NOTIFICATION NO. 170 DATED 5-7-2006 before it was read as ₹ 40.00 lakhs plus a corpus fund of ₹ 20.00 lakhs