Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for Running of Foundling-cum-adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai by Karna Prayag Trust - 005/2007 [F.No. NC-274/3/2007] - Income Tax

Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for Running of Foundling- cum -adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai by Karna Prayag Trust Notification No. 5/2007 [F.No. NC-274/3/2007], Dated 16-7-2007 S.O. 1149(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.832(E) dated the 18th September, 1998, 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 Foundling- cum -adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai by Karna Prayag Trust, 7, Raja Krishna Rao Road, Teynampet, Chennai-600018, Tamilnadu, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number S.O.1047(E) dated the 18th October, 2001 for a period of three years beginning with assessment year 2002-03 which was extended further vide notification number S.O.713(E) dated the 25th May, 2005 for a period of three years beginning with financial year 2004-05; And whereas vide notification number S.O. 287(E) dated the 28th March, 2001, the estimated cost was amended from Rs. 60.00 lakhs as corpus fund to Rs. 40.00 lakhs plus a corpus fund of Rs. 20.00 lakhs and vide notification number S.O.1118(E) dated the 24th October, 2002 the estimated cost was amended from Rs. 40.00 lakhs plus a corpus fund of Rs. 20.00 lakhs to Rs. 20.00 lakhs plus a corpus of Rs. 40.00 lakhs and vide notification number S.O. 1014(E) dated the 5th July, 2006, the estimated cost was amended from Rs. 40.00 lakhs plus a corpus fund of Rs. 20.00 lakhs to Rs. 20.00 lakhs plus a corpus of Rs. 40.00 lakhs; 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 specifying the said project or scheme for a further period of three years and enhancing the project cost from Rs. 40.00 lakhs plus a corpus fund of Rs. 20.00 lakhs to Rs. 120.00 lakhs including a corpus fund of Rs. 40.00 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 for Running of Foundling- cum -adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai, which is being carried out by Karna Prayag Trust, 7, Raja Krishna Rao Road, Teynampet, Chennai-600018, Tamilnadu, as an eligible project or scheme for a further period of three years beginning with financial year 2007-08; and ( b ) further amends the said notification number S.O.832(E) dated the 18th September, 1998, to the following effect, namely:- In the said notification, in the Table against serial number 7, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word Rs. 40.00 lakhs plus a corpus fund of Rs. 20.00 lakhs , the letters, figures and word Rs. 120.00 lakhs including a corpus fund of Rs. 40.00 lakhs shall be substituted.