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 ₹ 15.00 lakhs making the total cost to ₹ 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 ₹ 23.93 lakhs , ₹ 23.93 lakhs plus a corpus fund of ₹ 15.00 lakhs shall be substituted. [F.No. NC-53-2003]