Exemption u/s 35AC - Central Govt. had specified for construction of old age homes (Helpage Homes) by Community Aid and Sponsorship Programme as an eligible project or scheme - Amendment in N. No S.O. 1124(E) dated the 29th September, 2003 - 059/2004 - Income Tax

Exemption u/s 35AC - Central Govt. had specified for construction of old age homes (Helpage Homes) by Community Aid and Sponsorship Programme as an eligible project or scheme - Amendment in N. No S.O. 1124(E) dated the 29th September, 2003 Notification No. 59 of 2004, dt. 23rd Feb., 2004 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 specified at serial number 5, for (a) construction of old age homes (Helpage Homes) (b) Project relating to AIDS and Infrastructural development of Nifadwadi, by Community Aid and Sponsorship Programme (CASP), 1779/84, Sadashiv Peth, Gurutrayee Smarak, Bharat Scout Ground, Pune-411030, as an eligible project or scheme for a period of three years beginning with assessment year 2004-2005. And whereas the said project or scheme is likely to extend beyond three years; And, whereas, the National Committee for the 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 incorporating two programs namely, (i) High range area community, Health and Empowerment project (cost Rs. 30.00 lakhs) and (ii) Wayanand Area Community Health and Employment project (Cost Rs. 30.00 lakhs) in the approved project. The total cost of the project henceforth will be Rs. 207.70 lakhs only; 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 further amends the said notification number S.O. 1124(E), dated the 29th September, 2003, to the following effect, namely: In the said notification, in the Table, at serial number 5: (i) under column (3), the following shall be inserted, namely:- "(d) High range area community, Health Empowerment project and (e) Wayanand Area Community Health and Employment project."; (ii) under column 4, for the entries thereto, the following shall be substituted, namely:- "Rs. 207.70 lakhs for Assessment years 2004-2005, 2005-2006 and 2006-2007, i.e., for three years only". NC-333/2003