Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes
NOTIFICATION NO. 15/2009 [F. NO. V-27015/5/2009-SO (NAT.COM)]/ S.O. 648(E), DATED 22-3-2010
WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 466(E), dated the 29th March, 2007, 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 notified at serial number 1 “Satya Bharti Schools (establishing & supporting 250 primary schools as well as non-formal education)” by Bharti Foundation, H-5/12, Qutub Ambience, Mehrauli Road, New Delhi – 110 030, as an eligible project or scheme for a period of three years beginning with financial year 2007-08;
AND WHEREAS by notification number 247(E), dated 21st January, 2009, the estimated cost was enhanced from Rs. 35 crore including a corpus fund of Rs. 10 crore to Rs. 115 crore including a corpus fund of Rs. 30 crore increasing the number of Satya Bharti Schools for 60 to 250.
AND WHEREAS the said project or scheme is likely to extend beyond 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 “Satya Bharti Schools (establishing & supporting 250 primary schools as well as non-formal education)”, which is being carried out by Bharti Foundation, H-5/12, Qutub Ambience, Mehrauli Road, New Delhi -110 030 without any change in the approved cost of Rs. 115 crore including a corpus fund of Rs. 30 crore, as an eligible project or scheme for a further period of three years beginning with financial year 2010-11 i.e., 2010-11 2011-12 and 2012-13.
