MADHAV VIDHYAPITH RESIDENTIAL SCHOOL FOR TRIBAL STUDENTS BY SHRI VIDYABHARATI VANVASI SHIKSHAN SAMITI, NOTIFIED AS AN ELIGIBLE SCHEME OR PROJECT UNDER SECTION 35AC
Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Amendment in Notification No. S.O. 1794(E), dated 23-10-2007
Notification No. 27/2011 [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 868(E), Dated 27-4-2011
WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.1794(E), dated the 23rd October, 2007, 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 15, “Madhav Vidhyapith” residential school for tribal students by Shri Vidyabharati Vanvasi Shikshan Samiti, Narmada 44, Sardar Nagar, AT & PO – Valia, Tal – Valia, District Bharuch – 393 135, as an eligible project or scheme for a period of three years beginning with financial year 2007-08;
AND WHEREAS the said project or scheme is likely to extend beyond three 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 and amending the project cost from Rs. 5 crore to Rs. 10 crore including a corpus fund of Rs. 7 crore.
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 notifies the scheme or project “Madhav Vidhyapith” residential school for tribal students, which is being carried out by Shri Vidyabharati Vanvasi Shikshan Samiti, Narmada 44, Sardar Nagar, AT & PO – Valia, Tal – Valia, District Bharuch – 393 135, as an eligible project or scheme for a further period of three years commencing with financial year 2010-11 i.e., 2010-11, 2011-12 & 2012-13 with a direction that as the financial year 2010-11 has already lapsed, no certificate under section 35AC of the Income-tax Act, 1961 shall be issued for the financial year 2010-11;
(b) further amends the said Notification number S.O. 1794(E), dated the 23rd October, 2007, to the following effect, namely:-
In the said Notification, in the Table against serial number 15, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC of Income-tax Act, 1961, for the letters, figures and word “Rs. 5.00 crore” the letters, figures and word “Rs. 10.00 crore including a corpus fund of Rs. 7 crore” shall be substituted.
