Exemption u/s 35AC - Central Government had specified for construction of building and vehicle for Home for Aged and Orphans at Pedakakani by Vathsalya Ashramam, 103 as an eligible project or scheme - 324/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for construction of building and vehicle for Home for Aged and Orphans at Pedakakani by Vathsalya Ashramam, 103 as an eligible project or scheme Notification No : 324 Date of Issue : 27/11/2003 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.0.388(E) dated the 19 th 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 19, for construction of building its furnishing and vehicle for Home for Aged and Orphans at Pedakakani on National Highway No.5, Near 7 th K.M., Guntur, Andhra Pradesh, by Vathsalya Ashramam, 103, Mayuri Homes, Ring Road, Kortitapadu, Guntur, Andhra Pradesh, as 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.0.868(E) dated the 21 st 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 for Promotion of Social and Economic Welfare, 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 construction of building its furnishing and vehicle for Home for Aged and Orphans at Pedakakani on National Highway No.5, Near 7 th K.M., Guntur, Andhra Pradesh which is being carried out by Vathsalya Ashramam, 103, Mayuri Homes, Ring Road, Kortitapadu, Guntur, Andhra Pradesh, at the estimated cost of rupees one hundred thirty nine lakhs only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2004-2005. F.No.NC-240/2003