Exemption u/s 35AC – Amendments in Notification no. SO 60(E) dated the January 22, 2003 – project of 'Construction of expansion and running of Gurukul or Gyan Mandir and Health Care Clinic' by Sri Simandhar Swami Aradhana Trust - SO 1316(E) - Income Tax

Notification No. SO 1316(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 60(E) dated the January 22, 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 2, 'Construction of expansion and running of Gurukul or Gyan Mandir and Health Care Clinic' by Sri Simandhar Swami Aradhana Trust, 5, Mamta Park Society, Behind Navgujarat College, Usmanpura, Ahmedabad - 380 014, as an eligible project or scheme for a period of two years beginning with assessment year 2003-04 and which was extended further vide notification number SO 606(E), dated the May 24, 2004 for a period of three years beginning with financial year 2004-05; 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 expansion and running of Gurukul or Gyan Mandir and Health Care Clinic' being carried out by Sri Simandhar Swami Aradhana Trust, 5, Mamta Park Society, Behind Navgujarat College, Usmanpura, Ahmedabad - 380 014, without any change in the approved cost of Rs. 228.54 lakh, as an eligible project or scheme for a further period of three years beginning with financial year 2007-2008. However, since the financial year 2007-08 has already elapsed, the approval shall not be valid for financial year 2007-2008 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.