Exemption u/s 35AC - Central Government had specified for Construction of shelter for the homeless, at Kerala by Mother Krishnabai Rural Development Trust as an eligible project or scheme - Amendment in N. No. S.O. 901(E) dated the 20th September, 2001 - 021/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Construction of shelter for the homeless, at Kerala by Mother Krishnabai Rural Development Trust as an eligible project or scheme - Amendment in N. No. S.O. 901(E) dated the 20th September, 2001 Notification No. 21 of 2003, dt. 22nd Jan., 2003 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, laboratory and assistance to other institutions for welfare activities at Kasargod District Kerala 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 2002-2003; And whereas the said project or scheme is likely to extend beyond three 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 approved cost from Rs. 55,000 lakhs to Rs. 130.00 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 of Construction of shelter for the homeless, wells, laboratory and assistance to other institutions for welfare activities at Kasargod District Kerala and other parts of the country by Mother Krishnabai Rural Development Trust, Ramnagar, Anandashram P.O. Kanhangad-671531, Kerala; 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. 50.00 lakhs to Rs. 130.00 lakhs" shall be substituted. [F. No. NC-142/2002]