Exemption u/s 35AC – Amendments in Notification no. SO 54(E), dated the January 16, 1998 projects of 'Rural development project-construction of buildings for primary school, women and child welfare centre by Anuvrat Gram Bharti Sansthan - SO 1313(E) - Income Tax

Notification No. SO 1313(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 54(E), dated the January 16, 1998, 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 13, 'Rural development project-construction of buildings for primary school, women and child welfare centre, staff quarters, guest house, laboratory and library hall, kitchen and dining hall, meditation hall, administrative block at Vinaypuram, District Bhilwara, Rajashhan' by Anuvrat Gram Bharti Sansthan, Vinaypuram, P.O. Chankshed, Tehsil - Mandal, Distt. Bhilwara, Rajasthan, as an eligible project or scheme for a period of three years beginning with assessment year 1998-99 which was extended further vide notification number SO 159(E), dated the February 23, 2000 for a period of three years beginning with assessment year 2001-02 which was extended further vide notification number SO 374(E), dated the March 19, 2004 for a period of three years beginning with assessment year 2003-04 and which was extended further vide notification number SO 1157(E), dated the July 16, 2007 for a period of three years beginning with financial year 2006-07; 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 enhancing the project cost from ₹ 60 lakh to ₹ 140 lakh; 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 'Rural development project-construction of buildings for primary school, women and child welfare centre, staff quarters, guest house, laboratory and library hall, kitchen and dining hall, meditation hall, administrative block at Vinaypuram, District Bhilwara, Rajasthan', which is being carried out by Anuvrat Gram Bharti Sansthan, Vinaypuram, P.O. Chankshed, Tehsil - Mandal, Distt. Bhilwara, Rajasthan; ( b ) further amends the said notification number SO 973(E), dated the December 14, 1995 (SIC), to the following effect, namely :- In the said notification, in the Table against serial number 13, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC , for the letters, figures and word '₹ 60 lakh', the letters, figures and word '₹ 140 lakh' shall be substituted.