Exemption u/s 35AC of the income tax act 1961, the central govt. had specified for "Watershed Development Project" by Bosco Gramin Vikas Kendra as an eligible project or scheme - S.O. 1478(E) - Income Tax

Exemption u/s 35AC of the income tax act 1961, the central govt. had specified for "Watershed Development Project" by Bosco Gramin Vikas Kendra as an eligible project or scheme Notification No. S.O. 1478(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.1365(E) dated the 27th November, 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 11, "Watershed Development Project" by Bosco Gramin Vikas Kendra, C/o St. John's Church, Bhingar Camp, Ahmednagar, Maharashtra-414 002, as an eligible project or scheme for a period of three years beginning with assessment year 2004-05; And whereas the said project or scheme is likely to extend beyond three 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 "Watershed Development Project" being carried out by Bosco Gramin Vikas Kendra, C/o St. John's Church, Bhingar Camp, Ahmednagar, Maharashtra-414 002, without any change in the approved cost of Rs. 124.43 lakh, as an eligible project or scheme for a further period of three years beginning with financial year 2007-08. However, since the financial year 2007-08 has already elapsed, the approval shall not be valid for financial year 2007-08 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.