Notification Under Section 35AC in respect of Gandhigram Trust, Gandhigram -624302, Dindigul District, Tamilnadu. - 69/2011 - Income Tax

NOTIFICATION NO. 69/2011 DATED 14-6-2011 S.O.1389(E):- Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 1295(E), dated 4th June, 2008, 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 3, sustainability and building corpus fund for children's home/hospital/educational Institutions of Gandhigram Trust by Gandhigram Trust, Gandhigram -624302, Dindigul District, Tamilnadu, as an eligible project or scheme for a period of three years beginning with financial year 2008-09; AND WHEREAS the said project or scheme is likely to extend beyond three 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, and amending the project cost from Rs. 50 lakh to 100 lakh including a corpus fund of Rs. 50 lakh; 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 sustainability and building corpus fund for children's home/hospital/educational Institutions of Gandhigram Trust, which is being carried out by Gandhigram Trust, Gandhigram -624302, Dindigul District, Tamilnadu, for a further period of three years commencing with financial year 2011-12 i.e. 2011-12, 2012-13 2013-14; ( b ) further amends the said Notification Number S.O. 1295(E), dated the 4th June, 2008, to the following effect, namely:- In the said Notification, in the Table against serial Number 3, in column (4), relating to maximum cost to be allowed as deduction under section 35AC , for the letters, figures and word "Rs. 50.00 lakh" the letters, figures and word "Rs. 100.00 lakh including a corpus fund of Rs. 50 lakh" shall be substituted. [F.NO. V-27015/2/2011-SO (NAT.COM)]