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. 466(E), dated 29-3-2007
NOTIFICATION NO. 83/2010 [F.NO. V.27015/3/2010-SO(NAT.COM)]/S.O. 2529(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 1, “Satya Bharti Schools (establishing and 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 the financial year 2007-08 and which was extended further vide notification number S.O. 648(E) dated 22nd March, 2010, for a period of three years beginning with the financial year 2010-11;
AND WHEREAS by notification number 247(E) dated 21st January, 2009, the estimated cost was enhanced from Rs. 35.00 crore including a corpus fund of Rs. 10.00 crore to Rs. 115.00 crore including a corpus fund of Rs. 45.00 crore increasing the number of Satya Bharti Schools for 60 to 250.
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 enhancing the corpus fund and reducing the capital expenditure without changing the already approved cost of Rs. 115 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), hereby further amends the said notification number S.O. 466(E) dated the 29th March, 2007, to the following effect, namely:—
In the said notification, in the Table against serial number 2, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and words “Rs. 115.00 crore including a corpus fund of Rs. 30.00 crore”, the letters, figures and words “Rs. 115.00 crore including a corpus fund of Rs. 45.00 crore” shall be substituted.
