Exemption u/s 35AC of the Income tax act 1961, the central govt. had specified for " 'Muktangan' Balwadi and school project for children of slum dwellers and factory workers" by Paragon Charitable Trust as an eligible project or scheme - S.O. 1471(E) - Income Tax

Exemption u/s 35AC of the Income tax act 1961, the central govt. had specified for " 'Muktangan' Balwadi and school project for children of slum dwellers and factory workers" by Paragon Charitable Trust as an eligible project or scheme Notification No. S.O.1471(E) [F.No. NC-274/09/2008] Dated 17-6-2008 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.998(E) dated the 5 July, 2006, 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 7, " 'Muktangan' Balwadi and school project for children of slum dwellers and factory workers" by Paragon Charitable Trust, 1-11/12, Paragon Condominium, Pandurang Budhkar Marg, Worli, Mumbai-400 013, as an eligible project or scheme for a period of two years beginning with assessment year 2006-07; And whereas the said project or scheme is likely to extend beyond two 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 " 'Muktangan' Balwadi and school project for children of slum dwellers and factory workers" being carried out by Paragon Charitable Trust, I-11/12, Paragon Condominium, Pandurang Budhkar Marg, Worli, Mumbai-400 013, without any change in the approved cost of Rs. 37.80 lakh for recurring expenses and corpus fund of Rs. 4.55 crore, as an eligible project or scheme for a further period of three years beginning with financial year 2008-09.