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
NOTIFICATION NO. 82/2010 [F.NO. V.27015/3/2010-SO(NAT.COM)]/S.O. 2528(E), DATED 11-10-2010
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 21, “(i ) Running and Maintenance of Sri Sathya Sai Institute of Higher Medical Sciences at Prasanthigram (Andhra Pradesh) and at Whitefield, Bangalore (Karnataka), (ii) Running and Maintenance of Sri Sathya Sai Mobile Hospital, (iii) Building a corpus fund for the Trust” by Sri Sathya Sai Medical Trust, Brindavan, Kadugodi Post, Bangalore – 560 067, as an eligible project or scheme for a period of three years beginning with the financial year 2007-08 and which was further extended vide Notification No. S.O. 1148(E) dated 17th May 2010, for a period of three years beginning with the financial year 2010-11, i.e., 2010-11, 2011-12 and 2012-13;
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 transferring of the said project or scheme from Sri Sathya Sai Medical Trust to Sri Sathya Sai Central Trust for:
(i) Transfer of the recognition under Notification No. S.O. 1148(E) dated 17th May, 2009, from Sri Sai Medical Trust to Sri Sathya Sai Central Trust with permission to Sri Sathya Sai Central Trust to mobilize donations from 01/12/2010 to 31/03/2013.
(ii) Transfer of the assets and liabilities of the project as on 30-11-2010 from Sri Sathya Sai Medical Trust to Sri Sathya Sai Central Trust.
(iii) Transfer of the project with revised allocation of Rs. 93.2 crores towards running and maintenance expense and Rs. 100 crores towards 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 notifies that the scheme or project “(i) Running and Maintenance of Sri Sathya Sai Institute of Higher Medical Sciences at Prasanthigram (Andhra Pradesh) and at Whitefield, Bangalore (Karnataka), (ii) Running and Maintenance of Sri Sathya Sai Mobile Hospital, (iii) Building a corpus fund for the Trust”, which is being carried out by Sri Sathya Sai Medical Trust, Brindavan, Kadugodi Post, Bangalore – 560 067, will henceforth, be carried out by “Sri Sathya Sai Central Trust”, with effect from 1-12-2010 with the revised project cost of Rs. 93.2 crore towards running and maintenance expense and Rs. 100 crores towards corpus fund. The approved project is allowed to be transferred with its existing assets and liabilities as on 30-11-2010 to “Sri Sathya Sai Central Trust”.
