Section 35AC - Eligible projects or schemes - Construction of home for mentally and physically challenged children and running of the project by Society of Friends of Sassoon Hospital - Pune - Amendment in Notification No. S.O. 461(E), dated 5-4-2004 - S.O. 1145(E) - Income Tax

Section 35AC - Eligible projects or schemes - Construction of home for mentally and physically challenged children and running of the project by Society of Friends of Sassoon Hospital - Pune - Amendment in Notification No. S.O. 461(E), dated 5-4-2004 Notification No. 44/2010 Dated: 17-5-2010 S.O. 1145(E):- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 461(E), dated the 5th April, 2004, 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 7, for Construction of home for mentally and physically challenged children and running of the project by Society of Friends of Sassoon Hospital, Room No. 87, Sassoon General Hospitals, Pune- 411001, as an eligible project or scheme for a period of three years beginning with financial year 2004-05 and which was extended further vide notification number S.O. 493(E), dated 29th March, 2007 for a period of three years beginning with financial year 2007-08: And whereas the said project or scheme is likely to extend beyond six 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 enhancing the project cost from Rs. 3 crore including a corpus fund of Rs. 2 crore to 5 crore including a corpus fund of Rs. 2 crore 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 for Construction of home for mentally and physically challenged children and running of the project which is being carried out by Society of Friends of Sassoon Hospital, Room No. 87, Sassoon General Hospitals, Pune-411001, as an eligible project or scheme for a further period of three years commencing from the financial year 2010-11 i.e., 2010-11, 2011-12 and 2012-13: (b) further amends the said notification number S.O. 461(E), dated the 5th April, 2004 to following effect, namely :- In the said notification, in the table against serial number 7 in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC , for the letters, figures, and word "Rs. 3 crore including a corpus fund of Rs. 2 crore", the letters, figures and word "Rs. 5 crore including a corpus fund of Rs. 2 crore" shall be substituted. [F.No. V-27015/1/2010-so]