Exemption u/s 35AC - Central Government had specified for Construction, purchase of equipments and running of school at Gujarat by Mata Lachmi Rotary Charitable Society as an eligible project or scheme - Amendment in N. No. S.O. 698(E) dated the 3rd October, 1997 - 017/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Construction, purchase of equipments and running of school at Gujarat by Mata Lachmi Rotary Charitable Society as an eligible project or scheme - Amendment in N. No. S.O. 698(E) dated the 3rd October, 1997 Notification No. 17 of 2003, dt. 22nd Jan., 2003 S.O. 61(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 698(E) dated the 3rd October, 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 2, for Construction of building, purchase of equipments and running of school for vocational training/rehabilitation of hearing handicapped children at Adipur, Kutch, Gujarat by Mata Lachmi Rotary Charitable Society, Station Road, Adipur, Kutch-370205 Gujarat as an eligible project or scheme for a period three years beginning with asst. yr. 1998-99 which was extended further vide Notification No. S.O. 121(E) dt. 11th Feb., 2000, for a period of three years beginning with assessment year 2001-2002 and which was amended further vide Notification No. S.O. 913(E) dt. 20th Sept., 2001; And whereas the said project or scheme is likely to extend beyond six years; And whereas, the National Committee, being satisfied that the 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 further amending the project cost (corpus fund) from Rs. 15.00 lakhs to Rs. 24.28 lakhs without overall change in the approved cost; 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 of Construction of building, purchase of equipments and running of school for vocational training/rehabilitation of hearing handicapped children at Adipur, Kutch, Gujarat which is being carried out by Mata Lachmi Rotary Charitable Society, Station Road, Adipur, Kutch370205 Gujarat; and (b) further amends the said notification number S.O. 698(E) dated the 3rd October, 1997, to the following effect, namely : In the said notification, in the Table against serial number 2, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the words, letters and figures corpus fund of Rs. 15.00 lakhs the words, letters and figures corpus fund of Rs. 24.28 lakhs shall be substituted. [F. No. NC-142/2002]