Notification No.90/2005 – Income Tax Dated 23/3/2005

Notification No. 90/2005, Dated 23-3-2005

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 901(E) dated the 20^th September, 2001, 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 Running of 15 non formal education cum ari embroidery training centre in and around Sriperumbudur, Kancheepuram District, Tamil Nadu, by Craft Council of India, GF Temple Trees, 20, Venkatanarayana Road, T. Nagar Chennai – 600017, as an eligible project or scheme for a period of three years beginning with assessment year 2002-2003;

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 specifying the said project or scheme for a further period of three years and amending the project cost from Rs.63.00 lakhs to Rs.70.00 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 for Running of 15 non formal education cum ari embroidery training centre in and around Sriperumbudur, Kancheepuram District, Tamil Nadu, which is being carried out by Craft Council of India, GF Temple Trees, 20, Venkatanarayana Road, T. Nagar Chennai – 600017 as an eligible project or scheme for a further period of three years commencing from the financial year 2004- 2005;and

(b)  further amends the said notification number S.O. 901(E) dated the 20^th September, 2001, 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 35 AC, for the letters, figures and word ” Rs.63.00 lakhs,” the letters, figures and word “Rs.70.00 lakhs” shall be substituted.

[F.No. NC-270/01/2005]