SECTION 35AC, READ WITH EXPLANATION (B) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – REACHING HAND, BANGALORE
NOTIFICATION NO. 59/2011[F.NO. V-27015/2/2011-SO (NAT.COM)]/S.O. 1379(E), DATED 14-6-2011
Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 2370(E), dated 3rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial Number 13, New home-(Childrens’ Home) by Reaching Hand, 60/2, 1st Floor, Nehru Road, Kammanahalli Extension, St. Thomas Town Post, Bangalore 560 084, as an eligible project or scheme for a period of three years beginning with financial year 2008-09;
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 extending the said project or scheme for a further period of three year;
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 notifies the scheme or project New home-(Childrens’ Home), which is being carried out by Reaching Hand, 60/2,1st Floor, Nehru Road, Kammanahalli Extension, St. Thomas Town Post, Bangalore 560 084, without any change in the approved cost of Rs. 1.69 crore, as an eligible project or scheme for a further period of three financial years commencing with the financial year 2011-12 i.e., 2011-12, 2012-13 and 2013-14.