Exemption u/s 35AC - Central Government had specified for Running of multifarious rural welfare projects in health-care, education, sports, cultural activities, etc., in Jankikund, Chitrakoot, Madhya Pradesh by Shri Sadguru Seva Sangh Trust as an eligible project or scheme - 152/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Running of multifarious rural welfare projects in health-care, education, sports, cultural activities, etc., in Jankikund, Chitrakoot, Madhya Pradesh by Shri Sadguru Seva Sangh Trust as an eligible project or scheme Notification No. 152 of 2003, dt. 13th June, 2003 . Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 862(E) dated the 12th December, 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 10, for Running of multifarious rural welfare projects in health-care, education, sports, cultural activities, etc., in Jankikund, Chitrakoot, District Satna and Anandpur, District Vidisha, Madhya Pradesh by Shri Sadguru Seva Sangh Trust, Mafatlal House, Backbay Reclamation, Mumbai as an eligible project or scheme for a period of three years beginning with assessment year 1998-99 and which was extended further vide notification number S.O. 875(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 six years; And, whereas, the National Committee, being satisfied that the said 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; 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), hereby specifies the scheme or project of Running of multifarious rural welfare projects in health care, education, sports, cultural activities etc., in Jankikund, Chitrakoot, District Satna and Anandpur, District Vidisha, Madhya Pradesh which is being carried out by Shri Sadguru Seva Sangh Trust, Mafatlal House, Backbay Reclamation, Mumbai, at the estimated cost of rupees seven hundred lakhs as corpus fund only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2004-2005. [F.No. NC-81/2003]