Notification No. 242/2005, Dated 14-11-2005
S.O.1604(E).—Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 267(E), dated the 29th March, 1994 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 6, for administration and maintenance of 27 existing villages for providing free clothing, education and shelter and family environment to destitute, orphaned and abandoned children, by SOS Children’s Village of India, A-38, Kailash Colony, New Delhi-110048, as an eligible project or scheme for a period of three years beginning with assessment year 1995-96 which was extended further vide notification number S.O. 390(E), dated 19th May, 1997 for a period of three years beginning with assessment year 1998-99 which was extended further vide notification number S.O. 852(E), dated 21st September, 2000 for a period of three years beginning with assessment year 2001-02 and which was extended further vide notification number S.O. 527(E), dated 9th May, 2003 for a period of three years beginning with assessment year 2004-05;
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 amending the project cost from Rs. 3,291 lakhs to Rs. 4,791 lakhs sought for the remaining approved period of the project;
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), further amends the said notification number S.O. 267(E), dated the 29th March, 1994, to the following effect, namely:-
In the said notification, in the Table against serial number 6, 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. 3,291 lakhs” the letters figures and word “Rs. 4,791 lakhs” shall be substituted.
[F. No. NC-270/269/2005]
