Exemption u/s 35AC - notified at serial number 1, "Construction of building for Vridhashram, purchase of books, furniture, kitchen equipments etc." by Sheth Doongarshi Nagji Trust, B/106, Neelam Centre, Hind Cycle Road, Worli, Mumbai, as an eligible project or scheme - 78/2009 - Income Tax

Exemption u/s 35AC - notified at serial number 1, "Construction of building for Vridhashram, purchase of books, furniture, kitchen equipments etc." by Sheth Doongarshi Nagji Trust, B/106, Neelam Centre, Hind Cycle Road, Worli, Mumbai, as an eligible project or scheme NOTIFICATION New Delhi , the 6th August, 2009 S.O. 2040(E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.1124(E) dated the 29th September, 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 1, "Construction of building for Vridhashram, purchase of books, furniture, kitchen equipments etc." by Sheth Doongarshi Nagji Trust, B/106, Neelam Centre, Hind Cycle Road, Worli, Mumbai - 400025, as an eligible project or scheme for a period of one year beginning with assessment year 2004-2005 and which was extended further vide notification number S.O.786(E) dated the 5 July, 2004 for a period of three years beginning with financial year 2004-2005; And whereas the said project or scheme is likely to extend beyond four 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 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 Vridhashram, purchase of books, furniture, kitchen equipments etc." being carried out by Sheth Doongarshi Nagji Trust, B/106, Neelam Centre Cycle Road, Worli, Mumbai - 400025, without any change in the approved cost of Rs.186.56 lakh, as an eligible project or scheme for a further period of three years beginning with financial year 2007-2008 i.e. 2007-2008, 2008-2009 2009-2010. However, Since the financial years 2007-2008 and 2008-2009 have already elapsed, the approval shall not be valid in respect of funds collected during the financial year 2007-2008 and 2008-2009 and no certificate for exemption of donation u/s 35AC (1) of the IT Act, 1961 shall be issued for financial year 2007-2008 and 2008-2009. [No. 78/2009/F. No. 274/12/2009-NC] NAVEEN CHANDRA, Director (National Committee)