Exemption u/s 35AC - Central Government had specified for Furnishing and running of Society for the Education of the Crippled Centre by Society for Education of time Crippled as an eligible project or scheme - Amendment in N. No S.O. 521(E) dated the 14th July, 1994 - 117/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Furnishing and running of Society for the Education of the Crippled Centre by Society for Education of time Crippled as an eligible project or scheme - Amendment in N. No S.O. 521(E) dated the 14th July, 1994 Notification No. 117 of 2003, dt. 9th May, 2003 S.O. 526 (E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 521(E) dated the 14th July, 1994, 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 8, for ( a ) Furnishing and running of Society for the Education of the Crippled Centre for Independent living; ( b ) Furnishing and running of Society for the Education of the Crippled, Antop Hill School by Society for Education of time Crippled (Child and Adult), Agripada Municipal School Building, Multibai Street, Bombay-400 001, as an eligible project or scheme for a period of three years beginning with assessment year 1995-1996 which was extended further vide notification number S.O. 216(E) dated 17th March, 1997 [for a period of three years beginning with assessment year 1998-1999 and which was extended further vide notification number S.O. 859(E) dated 21st September, 2000 for a period of three years beginning with assessment year 2001-2002; And whereas the said project or scheme is likely to extend beyond nine 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 a further period of three years and amending the project cost from ₹ 81.50 lakhs to ₹ 175.00 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 ( a ) Furnishing and running of Society for the Education of the Crippled Centre for Independent living; ( b ) Furnishing and running of Society for the Education of the Crippled, Antop Hill School which is being carried out by Society for Education of the Crippled (Child and Adult), Agripada Municipal School Building, Multibai Street, Bombay-400 001 as an eligible project or scheme for a further period of three years beginning with assessment year 2004-2005; and ( b ) further amends the said notification number S.O. 521(E) dated the 14th July, 1994, to the following effect, namely: In the said notification in the Table against serial number 13, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for ₹ 81.50 lakhs , ₹ 175.00 lakhs shall be substituted. [F.No. NC-53-2003]