Exemption u/s 35AC - Central Govt had specified for development of land and construction of 5000 houses- "Amrita Kuteeram" all over India, by Mata Amritanandamayi Charitable Trust as an eligible project or scheme - Amendment in N. No. S.O.698(E) dated the 3rd October, 1997 - 269/2003- 1257(E) - Income Tax

Exemption u/s 35AC - Central Govt had specified for development of land and construction of 5000 houses- Amrita Kuteeram all over India, by Mata Amritanandamayi Charitable Trust as an eligible project or scheme - Amendment in N. No. S.O.698(E) dated the 3rd October, 1997 Notification No : 269 Date of Issue : 30/10/2003 S.O.1257(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.698(E) dated the 3rd October, 1997, 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 1, for development of land and construction of 5000 houses- Amrita Kuteeram all over India, by Mata Amritanandamayi Charitable Trust, Amritapuri Post Office, Kollam-District, Kerala-690525, as an eligible project or scheme for a period of three years beginning with assessment year 1998-99, and which was extended further vide notification number S.O. 874 (E) dated 21st September, 2000 for a period of three years beginning with assessment year 2001-2002 And whereas the said project or scheme is likely to extend beyond six 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 subrule (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 enhancing the approved cost from Rs. 1400.00 lakhs to Rs. 7400.00 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),- (a) hereby specifies the scheme or project of development of land and construction of 5000 houses- Amrita Kuteeram all over India by Mata Amritanandamayi Charitable Trust, Amritapuri Post Office, Kollam District, Kerala-690525, as an eligible project or scheme for a further period of three years beginning with assessment year 2004-2005; and (b) further amends the said notification number S.O. 698(E) dated the 3rd October, 1997, to the following effect, namely:- In the said notification, in the Table against serial number 1, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for Rs. 1400.00 lakhs , to Rs. 7400.00 lakhs shall be substituted. Sd/- (A.J. Majumdar) Secretary (National Committee)