Exemption u/s 35AC - Central Government had specified for running of six education centre, construction of low-cost houses under Palli Unnayan Prakalpa Project by Ramakrishna Mission Sevashrama as an eligible project or scheme - Amendment in N. No. S.O. 308(E) dated the 11th May, 1999 - 194/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for running of six education centre, construction of low-cost houses under Palli Unnayan Prakalpa Project by Ramakrishna Mission Sevashrama as an eligible project or scheme - Amendment in N. No. S.O. 308(E) dated the 11th May, 1999 Notification No. 194 of 2003, dt. 5th August, 2003 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 308(E) dated the 11th May, 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 7, for running of six education centre, mobile medical unit and construction of low-cost houses under Palli Unnayan Prakalpa Project, Near Contai Town, Midnapore, Bengal by Ramakrishna Mission Sevashrama, P.O. Contai, District-Midnapore, West Bengal-721401 as an eligible project or scheme for a period of three years beginning with assessment year 2000-2001; And, whereas, the said project or scheme is likely to extend beyond three 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 enhancing the approved cost of the project from Rs. 5 lakhs to Rs. 10.36 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 running of six education centre, mobile medical unit and construction of low-cost houses under Palli Unnayan Prakalpa Project, Near Contai Town, Midnapore, West Bengal which is being carried out by Ramakrishna Mission Sevashrama, P.O. Contai, District Midnapore, West Bengal-721401 as an eligible project or scheme for a further period of three years beginning with assessment year 2003-2004; and (b) further amends the said notification number S.O. 308(E) dated the 11th May, 1999, to the following effect, namely: In the said notification, in the Table against serial number 7, in column (4) for the letters, figures and word "Rs. 5 lakhs", the letters, figures and word "Rs, 10.36 lakhs" shall be substituted. [F.No. NC-151/2003]