Exemption u/s 35AC -specified at serial number 3, "Construction of building for old age home complex at Srikakulam, Andhra Pradesh" by Srikakulam vayodhikula Sangham, (Srikakulam Elders Association) D.No 7-6-44 Burravari Thota, Srikakulam, Andhra Pradesh as an eligible project or scheme - 94/2009 - Income Tax

Exemption u/s 35AC -specified at serial number 3, "Construction of building for old age home complex at Srikakulam, Andhra Pradesh" by Srikakulam vayodhikula Sangham, (Srikakulam Elders Association) D.No 7-6-44 Burravari Thota, Srikakulam, Andhra Pradesh as an eligible project or scheme NOTIFICATION New Delhi , the 6th August, 2009 S.O. 2056(E).- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.1140(E) dated the 18th November, 1999, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961) , the Central Government had specified at serial number 3, "Construction of building for old age home complex at Srikakulam, Andhra Pradesh" by Srikakulam vayodhikula Sangham, (Srikakulam Elders Association) D.No 7-6-44 Burravari Thota, Srikakulam, Andhra Pradesh-532001 as an eligible project or scheme for a period of three years beginning with assessment year 2000-2001 which was extended further vide notification number S.O.975(E) dated the 10th September, 2002 for a period of two years beginning with assessment year 2003-2004 and winch was extended further vide notification number S.O.388(E) dated the 23rd October, 2005 for a period of two years beginning with financial year 2004-2005 and which was extended further vide notification number S.O.388(E) dated the 23rd October, 2005 for a period of three years beginning with financial year 2006-2007; And whereas by notification number S.O.529(E) dated the 9th May, 2003, the estimated cost was enhanced from Rs.23.93 lakhs to Rs.23.93 lakhs plus a corpus fund of Rs.15.00 lakhs and vide notification no.388(E) dated the 23rd March 2005 the estimated cost was further enhanced from Rs.23.93 lakhs plus a corpus fund of Rs.15.00 lakhs Rs.23.93 lakhs plus a corpus fund of Rs.20.00 lakhs; And whereas the said project or scheme is likely to extend beyond ten 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 specifying the said project or scheme for a further period of three years and amending the project cost from Rs.23.93 lakhs plus a corpus fund of Rs.20.00 lakhs to Rs. 30.00 lakh plus a corpus fund of Rs.20.00 lakhs; 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 - (a) specifies the scheme or project "Construction of building for old age home complex at Srikakulam, Andhra Pradesh" which is being carried out by Srikakulam Vayodhikula Sangham, (Srikalauam Elders Association) D.No.7-6-44, Burravari thota, Srikakulam, Andhra Pradesh-532001 as an eligible project or scheme for a further period of three years beginning with financial year 2009-2010 i.e. 2009-2010, 2010-2011 2011-2012; and (b) further amends the said notification number S.O.1140(E) dated the 18th November, 1999, to the following effect namely:- In the said notification, in the Table against serial number 3, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC , for the letters, figures and word "Rs.23.93 lakhs plus a corpus fund of Rs.20.00 lakhs", the letters, figures arid word "Rs. 30.00 lakh plus a corpus fund of Rs.20.00 lakhs" shall be substituted. [No. 94/2009/F. No. NC-274/12/2009] NAVEEN CHANDRA, Director (National Committee)