Exemption u/s 35AC - Central Government had specified for Construction of building for old age home complex at Srikakulam, Andhra Pradesh by Srikakulam Vayodhikula Sangham as an eligible project or scheme - Amendment in N. No S.O. 1140(E) dated the 18th November, 1999 - 120/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Construction of building for old age home complex at Srikakulam, Andhra Pradesh by Srikakulam Vayodhikula Sangham as an eligible project or scheme - Amendment in N. No S.O. 1140(E) dated the 18th November, 1999 Notification No. 120 of 2003, dt. 9th May, 2003 S.O. 529(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1140(E) dated the 18th November, 1999, 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 3 for Construction of building for old age home complex at Srikakulam, Andhra Pradesh by Srikakulam Vayodhikula Sangham, (Srikakulam Elders Association), D.No.7-6-44, Burravari Thota, Srikakulam, Andhra Pradesh-532001, as an eligible project or scheme for a period of three years beginning with assessment year 2000-2001 and which was extended further vide notification number S.O. 975(E) dated 10th September, 2002 for a period of two years beginning with assessment year 2003-2004; And whereas the said project or scheme is likely to extend beyond five years; And whereas, the National Committee, being satisfied that the project or scheme is being executed properly, made a further recommendation under sub-rule (6) of rule 11M of the Income-tax Rules, 1962 for specifying the said project or scheme for further amending the approved cost by incorporating a corpus fund from Rs. 15.00 lakhs making the total cost to Rs. 38.93 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 Construction of building for old age home complex at Srikakulam, Andhra Pradesh by Srikakulam Vayodhikula Sangham, (Srikakulam Elders Association), D.No.7-6-44, Burravari Thota, Srikakulam, Andhra Pradesh-532001; 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 Rs. 23.93 lakhs , Rs. 23.93 lakhs plus a corpus fund of Rs. 15.00 lakhs shall be substituted. [F.No. NC-53-2003]