Exemption u/s 35AC of the Income tax act 1961, the central govt. had specified for "Construction of building for Special School, Hostel and Staff Quarters, at Andhra Pradesh" by Sri Dakshinya Bhava Samithi as an eligible project or scheme - S.O. 1476(E) - Income Tax

Exemption u/s 35AC of the Income tax act 1961, the central govt. had specified for "Construction of building for Special School, Hostel and Staff Quarters, at Andhra Pradesh" by Sri Dakshinya Bhava Samithi as an eligible project or scheme Notification No. S.O. 1476(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.154(E) dated the 23rd February, 2000, 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 building for Special School, Hostel and Staff Quarters, purchase of equipments, furnishing and running of Dakshinya Institute for the Mentally Handicapped at Padapalakaluru Village, Guntur, Andhra Pradesh" by Sri Dakshinya Bhava Samithi, D.No. 4-2-16, 4th Lane, Lakshmipuram, Guntur-522 007 (Andhra Pradesh), as an eligible project or scheme for a period of three years beginning with assessment year 2000-01, which was extended further vide notification number S.O.1278(E) dated the 9th December, 2002 for a period of three years beginning with assessment year 2003-04 and which was extended further vide notification number S.O.497(E) dated the 4th April, 2006 for a period of three years beginning with financial year 2005-06; And whereas the said project or scheme is likely to extend beyond nine 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 building for Special School, Hostel and Staff Quarters, purchase of equipments, furnishing and running of Dakshinya Institute for the Mentally Handicapped at Padapalakaluru Village, Guntur, Andhra Pradesh" being carried out by Sri Dakshinya Bhava Samithi, D.No. 4-2-16, 4th Lane, Lakshmipuram, Guntur-522 007 (Andhra Pradesh), without any change in the approved cost of Rs 267.80 lakh, as an eligible project or scheme for a further period of three years beginning with financial year 2008-09.