Exemption u/s 35AC – Amendments in Notification no. SO 844(E), dated the October 17, 1995- projects of 'Equipments, furnishing and running of Residential Training Centre for mentally retarded persons at Sabarkantha District, Gujarat' by Sahyog Kushthayagna Trust, Gujarat - SO 1305(E) - Income Tax

Notification No. SO 1305(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 844(E), dated the October 17, 1995, 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 5, 'Equipments, furnishing and running of Residential Training Centre for mentally retarded persons at Sabarkantha District, Gujarat' by Sahyog Kushthayagna Trust, Rajendra Nagar Crossing, District Sabarkantha, Gujarat - 383 276, as an eligible project or scheme for a period of three years beginning with assessment year 1996-97 which was extended further vide notification number SO 213(E), dated 16-3-1998 for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number SO 565(E), dated the June 20, 2001 for a period of three years beginning with assessment year 2002-03 and which was extended further vide notification number SO 392(E), dated 23-5-2005 for a period of three years beginning with financial year 2004-05; And whereas by notification number SO 213(E), dated 16-3-1998 the estimated cost was enhanced from Rs. 17.43 lakh to Rs. 35.70 lakh and vide notification number SO 565(E), dated 20-6-2001 the estimated cost was further enhanced from Rs. 35.70 lakh to Rs. 93.30 lakh; And whereas the said project or scheme is likely to extend beyond twelve years; And, whereas, the National Committee for the 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 and amending the project cost from Rs. 93.30 lakh to Rs. 1.5 crore; 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 notifies the scheme or project 'Equipments, furnishing and running of Residential Training Centre for mentally retarded persons at Sabarkantha District, Gujarat', being carried out by Sahyog Kushthayagna Trust, Rajendra Nagar Crossing, District Sabarkantha, Gujarat - 383 276 for a period of three more 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; and ( b ) further amends the said notification number SO 844(E), dated the October 17, 1995, to the following effect, namely :— In the said notification, in the Table against serial number 5, in column (4), relating to maximum cost for which allowed, for the letters, figures and word 'Rs. 93.0 lakh' the letters, figures and word 'Rs. 1.5 crore' shall be substituted.