Exemption u/s 35AC – Amendments in Notification no. SO 1237(E), dated the October 28, 2003 - projects of 'Construction of school and dispensary buildings, integrated development of the poor and marginalised in Trikkadavoor' by Chooravilla Joseph Development Foundation, Bang. - SO 1309(E) - Income Tax

Notification No. SO 1309(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 1237(E), dated the October 28, 2003, issued under 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 1, 'Construction of school and dispensary buildings, purchase of furniture, equipments and integrated development of the poor and marginalised especially the women and children in Trikkadavoor' by Shri C.J. Fernandes, Chooravilla Joseph Development Foundation, No. 54, Rest House Apartment, Rest House Road, Bangalore - 560 001, as an eligible project or scheme for a period of three years beginning with assessment year 2004-05 and which was extended further vide notification number SO 1597(E), dated the November 14, 2005 for a period of two years beginning with financial year 2006-07; And whereas the said project or scheme is likely to extend beyond five 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; 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 school and dispensary buildings, purchase of furniture, equipments and integrated development of the poor and marginalised especially the women and children in Trikkadavoor' being carried out by Shri C.J. Fernandes, Chooravilla Joseph Development Foundation, No. 54, Rest House Apartment, Rest House Road, Bangalore - 560 001, without any change in the approved cost of Rs. 605.23 lakh including a corpus fund of Rs. 320 lakh, as an eligible project or scheme for a further period of three years beginning with financial year 2008-09.