NOTIFICATIONS
INCOME-TAX ACT
Section 35AC(1), 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
Amendment in Notification No. S.O. 121(E), dated 12-1-2009
NOTIFICATION NO. 69/2010[F. NO. V-27015/2/2010-SO (NAT.COM)]/ S.O. NO. 1796(E), DATED 21-7-2010
WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 121(E), dated 12th January, 2009, 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 19, Expansion of Jindal Pre-University College to Jindal Rural College by Pragun Jindal Educational Organisation, Chikabidarakallu Village, Taluka Nelmangala, Dasanpura Hobli, District Bangalore-560073, as an eligible project or scheme for a period of three years beginning with financial year 2008-09;
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 for enhancing the project cost from Rs. 14 crore to Rs. 29 crore including corpus fund of Rs. 10 crore i.e. Rs. 11 crore for non-recurring expense, Rs. 8 crore for recurring expense and Rs. 10 crore as corpus fund;
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 specifies the scheme or project “Expansion of Jindal Pre-University College to Jindal Rural College”, is being carried out by Pragun Jindal Educational Organisation, Chikabidarakallu Village, Taluka Nelmangala, Dasanpura Hobli, District Bangalore-560073;
(b) further amends the said notification number S.O.121(E), dated the 12th January, 2009, to the following effect, namely :—
In the said notification, in the Table against serial number 19, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 14 crore”, the letters, figures and word “Rs. 29 crore including corpus fund of Rs. 10 crore i.e. Rs. 11 crore for non-recurring expense, Rs. 8 crore for recurring expense and Rs. 10 crore as corpus fund” shall be substituted.
