Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for administration and maintenance of 27 existing villages, orphaned and abandoned children, by SOS Children's Village of India as an eligible project or scheme - 021/2007[F.No.NC-274/03/2007] - Income Tax

Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for administration and maintenance of 27 existing villages, orphaned and abandoned children, by SOS Children's Village of India as an eligible project or scheme Notification No. 21/2007[F.No.NC-274/03/2007], dated 16-7-2007 S.O. 1165(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 267(E) dated the 29th March, 1994, 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 6, for administration and maintenance of 27 existing villages for providing free clothing, education and shelter and family environment to destitute, orphaned and abandoned children, by SOS Children's Village of India, A-38, Kailash Colony, New Delhi-110048, as an eligible project or scheme for a period of three years beginning with assessment year 1995-96 which was extended further vide notification number S.O. 390(E) dated the 19th May, 1997 for a period of three years beginning with assessment year 1998-99 which was extended further vide notification number S.O. 852(E) dated the 21st September, 2000 for a period of three years beginning with assessment year 2001-02 which was extended further vide notification number SO 527(E) dated the 9th May, 2003 for a period of three years beginning with assessment year 2004-05 and which was extended further vide notification number S.O. 1006(E) dated the 5th July, 2006 for a period of three years beginning with financial year 2006-07; And whereas vide notification number S.O. 1604(E) dated the November 14, 2005 the estimated cost was enhanced from ₹ 3291.00 lakhs to ₹ 4791.00 lakhs; And whereas the said project or scheme is likely to extend beyond fifteen 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 enhancing the project cost from ₹ 4791.00 lakhs to ₹ 50.00 crores; 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 for administration and maintenance of 27 existing villages for providing free clothing, education and shelter and family environment to destitute, orphaned and abandoned children, which is being carried out by SOS Childrens Village of India, A-38, Kailash Colony, New Delhi-110048; ( b ) further amends the said notification number SO 267(E) dated the March 29, 1994, to the following effect, namely :- In the said notification, in the Table against serial number 6, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word ₹ 4791.00 lakhs, the letters, figures and word ₹ 50.00 crores shall be substituted.