Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for Integrated Rural Development project by Murleidhor Jalan Foundation - 012/2007 [F.No. NC-274/03/2007]- SO. 1156(E) - Income Tax

Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for Integrated Rural Development project by Murleidhor Jalan Foundation Notification No. 12/2007 [F.No. NC-274/03/2007], dated 16-7-2007 SO. 1156(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 228(E) dated the 17th 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 12, for Integrated Rural Development project comprising construction of twenty five primary schools, ten community centres, one vocational training centre at Dibrugarh, one hundred old age homes, one hundred tubewells, five health centres, mobile dispensaries, road construction, one hundred dwelling units for poor, one hundred low-cost latrines and first phase of sports stadium, by Murleidhor Jalan Foundation, 25, Ballygunge Circular Road, Calcutta-700019, as an eligible project or scheme for a period of three years beginning with assessment year 1994-95 which was extended further vide notification number S.O. 482(E) dated the 5th July, 1996 for a period of three years beginning with assessment year 1997-98 which was extended further vide notification number S.O. 322(E) dated the 11th May, 1999 for a period of three years beginning with assessment year 2000-01 and which was extended further vide notification number S.O. 349(E) dated the 31st March, 2003 for a period of three years beginning with assessment year 2003-04; And whereas the said project or scheme is likely to extend beyond twelve 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 for Integrated Rural Development project comprising construction of twenty five primary schools, ten community centres, one vocational training centre at Dibrugarh, one hundred old age homes, one hundred tubewells, five health centres, mobile dispensaries, road construction, one hundred dwelling units for poor, one hundred low-cost latrines and first phase of sports stadium, which is being carried out by Murleidhor Jalan Foundation, 25, Ballygunge Circular Road, Calcutta-700019, without any change in the approved cost of ₹ 417.74 lakhs as an eligible project or scheme for a further period of two years beginning with financial year 2005-06.