Exemption u/s 35AC of the income tax act 1961, the central govt. had specified for "Integrated Rural Development Project" by Bhansali Trust as an eligible project or scheme - Amendment in N. No. S.O.60(E) dated the 22nd January, 2003 - S.O. 1479(E) - Income Tax

Exemption u/s 35AC of the income tax act 1961, the central govt. had specified for "Integrated Rural Development Project" by Bhansali Trust as an eligible project or scheme - Amendment in N. No. S.O.60(E) dated the 22nd January, 2003 Notification No. S.O. 1479(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.60(E) dated the 22nd January, 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 6, "Integrated Rural Development Project" by Bhansali Trust, 640-646, Panchratna Mama Parmanand Marg, Mumbai-400 004, as an eligible project or scheme for a period of three years beginning with assessment year 2003-04and which was extended further vide notification number S.O. 1413(E) dated the 4th September, 2006 for a period of two years beginning with financial year 2006-07; 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 and amending the project cost from Rs. 1275.00 lakh to Rs. 18.94 crore; 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 notifies the scheme or project "Integrated Rural Development Project'', being carried out by Bhansali Trust-640-646, Panchratna Mama Parmanand Marg, Mumbai-400 004 for a period of three more years beginning with financial year 2008-09. ( b ) further amends the said notification number S.O.60(E) dated the 22nd January, 2003, to the following effect, namely:- In the said notification, in the Table against serial number 6, in column (4), relating to maximum cost for which allowed, for the letters, figures and word "Rs. 1275.00 lakh" the letters, figures and word "Rs. 18.94 crore" shall be substituted.