Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Construction, furnishing and running of South Block of Ashram Saravana Old Age Home and Eye-cum-General Hospital at Ramanayyapeta Villagenby Association for the Care of the Aged - 120/2007 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Construction, furnishing and running of South Block of Ashram Saravana Old Age Home and Eye- cum -General Hospital at Ramanayyapeta Villagenby Association for the Care of the Aged NOTIFICATION NO. 120/2007, DATED 29-3-2007 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 973(E), dated the 14 th December, 1995, 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 9, for Construction, furnishing and running of South Block of Ashram Saravana Old Age Home and Eye- cum -General Hospital at Ramanayyapeta Village, Near Kakinada Town by Association for the Care of the Aged, House No. 8-14-1, Mahalakshmi Nilayam, Gandhi Nagar, Kakinada-4 as an eligible project or scheme for a period of three years beginning with assessment year 1996-97 which was extended further vide notification number S.O. 427(E) dated the 19 th May, 1998 for a period of two years beginning with assessment year 1999-2000 which was extended further vide notification number S.O.631(E), dated the 5 th July, 2000 for a period of three years beginning with assessment year 2001-02 which was extended further vide notification number S.O. 534(E), dated the 9 th May, 2003 for a period of three year beginning with assessment year 2004-05; AND WHEREAS the said project or scheme is likely to extend beyond eleven 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; 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 specifies the scheme or project for Construction, furnishing and running of South Block of Ashram Saravana Old Age Home and Eye- cum -General Hospital at Ramanayyapeta Village, Near Kakinada Town which is being carried out by Association for the Care of the Aged, House No. 8-14-1, Mahalakshmi Nilayam, Gandhi Nagar, Kakinada-4, without any change in the approved cost of Rs. 9.70 lakhs, as an eligible project or scheme for a further period of three years commencing from the financial year 2006-07. [F.No.NC-274/3/2007]