Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Running of Founding-cum-adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai, by Karna Prayag Trust - 316/2002 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Running of Founding-cum-adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road , Teynampet, Chennai, by Karna Prayag Trust Notification No. 316 of 2002 Dated 24th Oct., 2002 Whereas by notification of the Government of India in the Ministry of Finance number S.O. 832(E) dated the 18th September, 1998, 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 specified at serial number 7, for Running of Founding-cum-adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai, by Karna Prayag Trust, 7, Raja Krishna Rao Road, Teynampet, Chennai-600018, Tamilnadu, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000, which was extended vide notification number S.O. 1047(E) dated 18th October, 2001, for a further period of three years beginning with assessment year 2002-2003; And whereas, the said project or scheme is likely to extend beyond six years And whereas the National Committee, 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 a further period of three years and amending the project cost from Rs. 40.00 lakhs plus a corpus fund of Rs. 20.00 lakhs to Rs. 20.00 lakhs plus a corpus fund of Rs. 40.00 lakhs; 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 of Running of Founding-cum adoption centre for orphaned and destitute children and abandoned babies at Raja Krishna Rao Road, Teynampet, Chennai, by Karna Prayag Trust, 7, Raja Krishna Rao Road, Teynampet, Chennai-600018, Tamilnadu, which is being carried out by Karna Prayag Trust, 7, Raja Krishna Rao Road, Teynampet, Chennai 600018, Tamilnadu, Maharashtra as an eligible project or scheme; and (b) further amends the said notification number S.O. 832(E) dated the 18th September, 1998, to the following effect, namely : In the said notification, in the Table against serial number 7, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for "rupees forty lakhs plus a corpus fund of rupees twenty lakhs only", substitute "rupees twenty lakhs plus a corpus fund of rupees forty lakhs without any change in the total cost of the project. F. No. NC-90/2002]