Exemption u/s 35AC - Central Government had specified for CRY Supported Development Project all over India, by CRY (Child Relief and You), DDA Slum Wing Barat Ghar as an eligible project or scheme - Amendment in N. No. S.O. 388(E) dated the 19th May, 1997 - 155/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for CRY Supported Development Project all over India, by CRY (Child Relief and You), DDA Slum Wing Barat Ghar as an eligible project or scheme - Amendment in N. No. S.O. 388(E) dated the 19th May, 1997 Notification No. 155 of 2003, dt. 13th June, 2003 S.O. 692 (E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 388(E) dated the 19th May, 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 24, for CRY Supported Development Project all over India, by CRY (Child Relief and You), DDA Slum Wing Barat Ghar, Bapu Park, Kotla Mubarakpur, New Delhi, 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. 634(E) dated 5th July, 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 and also enhancement of the cost of the project from Rs. 2773.00 lakhs to Rs. 5373.00 lakhs. The Committee however, desired to know how the balance amount out of donation collected will be utilised; 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 CRY Supported Development Project all over India which is being carried out by CRY (Child Relief and You), DDA Slum Wing Barat Ghar, Bapu Park, Kotla Mubarakpur, New Delhi 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. 388(E) dated the 19th May, 1997 to the following effect, namely:-- In the said notification, in the Table against serial number 24, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for Rs. 2773.00 lakhs , Rs. 5373.00 lakhs shall be substituted. The committee, however, desired to know how the balance amount out of donation collected will be utilised. [F.No. NC-81/2003]