SECTION 35AC, READ WITH EXPLANATION (B) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – PARAGON CHARITABLE TRUST, MUMBAI
NOTIFICATION NO. 77/2011[F.NO. V-27015/2/2011-SO (NAT.COM)]/S.O. 1397(E), DATED 14-6-2011
WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.998(E), dated the 5th July, 2006, 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 7, ” “Muktangan” Balwadi and school project for children of slum dwellers and factory workers” by Paragon Charitable Trust, I-11/12, Paragon Condominium, Pandurang Budhkar Marg, Worli, Mumbai-400 013, as an eligible project or scheme for a period of two years beginning with assessment year 2006-07 and which was extended further vide Notification Number S.O.1471(E), dated 17th June, 2008 for a further period of three years beginning with the financial year 2008-09;
AND WHEREAS the said project or scheme is likely to extend beyond five 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 extending the said project or scheme for a further period of three years;
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 ” “Muktangan” Balwadi and school project for children of slum dwellers and factory workers” being carried out by Paragon Charitable Trust, I-11/12, Paragon Condominium, Pandurang Budhkar Marg, Worli, Mumbai-400 013, without any change in the approved cost of Rs. 37.80 lakh for recurring expenses and corpus fund of Rs. 4.55 crore, as an eligible project or scheme for a further period of three years commencing with the financial year 2011-12 i.e., 2011-12, 2012-13 and 2013-14.
