Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for Construction, aids/applications/equipments, vans, furnishing and running of home for spastics" by Handicapped Children's Parents Association as an eligible project or scheme - 038/2007 [F.No.NC-274/03/2007] - Income Tax

Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for Construction, aids/applications/equipments, vans, furnishing and running of home for spastics" by Handicapped Children's Parents Association as an eligible project or scheme NOTIFICATION NO. 38/2007 [F.No.NC-274/03/2007] New Delhi , dated the 23rd October, 2007 S.O. 1802(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, the Central Government had notified at serial number 25, " Construction, aids/applications/equipments, vans, furnishing and running of home for spastics" by Handicapped Children's Parents Association, Plot No. K (Behind Plot No.13), Institutional Sector-5, Dwarka, New Delhi - 110045, as an eligible project or scheme for a period of three years beginning with financial year 1998-1999 which was extended further vide notification number S.O.290(E) dated the 28th March, 2001 for a period of three years beginning with assessment year 2001-2002 and which was extended further vide notification number S.O.224(E) dated the 23rd February, 2004 for a period of three years beginning with assessment year 2004-2005; And whereas the said project or scheme is likely to extend beyond nine 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 extending 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, hereby notifies the scheme or project " Construction, aids/applications/equipments, vans, furnishing and running of home for spastics" being run by Handicapped Children's Parents Association, Plot No. K (Behind Plot No.13), Institutional Sector-5, Dwarka, New Delhi - 110045, without any change in the approved cost of Rs.245 lakh, as an eligible project or scheme for a further period of three years beginning with financial year 2006-2007. However, since the financial year 2006-07 has already elapsed, no certificate for exemption of donation u/s 35AC (1) of the IT Act, 1961 shall be issued in respect of the financial year 2006-07. . [No.38/ 2007/ F.No. NC-274/03/2007]