Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had notified for 'Construction of dormitory-cum-library and running of rehabilitation/welfare programmes at Bangalore, Karnataka by Shri Ramana Maharishi Academy of the Blind - SO 1296(E) - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had notified for 'Construction of dormitory- cum -library and running of rehabilitation/welfare programmes at Bangalore, Karnataka by Shri Ramana Maharishi Academy of the Blind Notification No. SO 1296(E) [F. No. NC-274/08/2008] dated 4-6-2008 Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number SO 901(E), dated the September 20, 2001, 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 notified at serial number 8, 'Construction of dormitory- cum -library and running of rehabilitation/welfare programmes for disabled/blind persons at Bangalore, Karnataka and its surrounding places' by Shri Ramana Maharishi Academy of the Blind, CA-1B, 3rd Cross, 3rd Phase, J.P. Nagar, Bangalore-560 078, as an eligible project or scheme for a period of three years beginning with assessment year 2002-03 which was extended further vide notification number SO 716(E), dated the May 25, 2005 for a period of three years beginning with financial year 2004-05; 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 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 (43 of 1961) , hereby notifies the scheme or project 'Construction of dormitory- cum -library and running of rehabilitation/welfare programmes for disabled/blind persons at Bangalore, Karnataka and its surrounding places' being carried out by Shri Ramana Maharishi Academy of the Blind, CA-1B, 3rd Cross, 3rd Phase, J.P. Nagar, Bangalore-560 078, without any change in the approved cost of Rs. 197 lakh, as an eligible project or scheme for a further period of three years beginning with financial year 2007-08. However, since the financial year 2007-08 has already elapsed, the approval shall not be valid for financial year 2007-08 in respect of funds collected during this financial year and no certificate for exemption of donation under section 35AC(1) of the Income-tax Act, 1961 shall be issued in respect of the financial year 2007-08.