Exemption u/s 35AC - Central Govt notified "Administration and maintenance of 27 existing villages for providing free clothing, education and shelter " by SOS Children's Village of India as an eligible project or scheme - Amendment in N. No S.O.267(E) dated the 29th March, 1994 - S.O.1849 (E) - Income Tax

Exemption u/s 35AC - Central Govt notified "Administration and maintenance of 27 existing villages for providing free clothing, education and shelter " by SOS Children's Village of India as an eligible project or scheme - Amendment in N. No S.O.267(E) dated the 29 th March, 1994 NOTIFICATION New Delhi , the 25th July, 2008 S.O.1849 (E).— Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.267(E) dated the 29 th March, 1994, 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, "Administration and maintenance of 27 existing villages for providing free clothing, education and shelter and family environment to destitute, orphaned and abandoned Children" by SOS Children's Village of India, A-38, Kailash Colony, New Delhi-110048, as an eligible project or scheme for a period of three years beginning with assessment year 1995-1996, which was extended further vide notification number S. O.390(E) dated the 19 th May, 1997 for a period of three years beginning with assessment year 1998-1999, which was extended further vide notification number S.O.852(E) dated the 21 st September, 2000 for a period of three years beginning with assessment year 2001-2002, which was extended further vide notification number S.O.527(E) dated the 9 th May, 2003 for a period of three years beginning with assessment year 2004- 2005, which was extended further vide notification number S.O.1006(E) dated the 5 th July, 2006 for a period of three years beginning with financial year 2006-2007; And whereas by notification number S.O.1604(E) dated the 14 th November, 2005 the estimated cost was enhanced from Rs.3291.00 lakh to Rs.4791.00 lakh and vide notification number S.O.1165(E) dated the 16 tH July, 2007 the estimated cost was further enhanced from Rs.4791.00 lakh to Rs.50.00 crore; And whereas the said project or scheme is likely to extend beyond fifteen years; And whereas the National Committee for 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 11 M of the Income-tax Rules, 1962 for specifying the said project or scheme for enhancing the project cost from Rs.50.00 crore to Rs. 100.00 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 specifies the scheme or project "Administration and maintenance of 27 existing villages for providing free clothing, education and shelter and family environment to destitute, orphaned and abandoned Children", which is being carried out by SOS Children's Village of India, A-38, Kailash Colony, New Delhi- 110048; (b) further amends the said notification number S.O.267(E) dated the 29 th March, 1994, to the following effect, namely In the said notification, in the Table against serial number 6, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35 AC, for the letters, figures and word "Rs. 50.00 crore", the letters, figures and word "Rs. 100.00 crore" shall be substituted. [F. No. 48/2008/F.No. NC-274/09/2008] J.P. CHANDRAKAR, Director (National Committee)