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. 24/2009 [F.NO. V-27015/5/2009-SO (NAT.COM)]/ S.O. 657(E), DATED 22-3-2010

WHEREAS by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number SO. 461(E), dated the 5th April, 2004, 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 8, “Welfare programmes in the field of health, education, environment etc.” by SNS Foundation, 1, Sri Aurobindo Marg, New Delhi – 110016, as an eligible project or scheme for a period of three years beginning with financial year 2004-05, which was extended further vide notification number S.O.491(E), dated the 29th March, 2007 for a period of three years beginning with financial year 2007-08;

AND WHEREAS by notification number 491(E), dated the 29th March, 2007 the estimated cost was enhanced from Rs. 810 lakh to Rs. 1000 lakh. The project cost was further enhanced from Rs. 10 crore to Rs. 16.5 crore vide No. S.O. 248(E), dated the 21st January, 2009.

AND WHEREAS the said project or scheme is likely to extend beyond nine 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 specifying the said project or scheme for a further period of three years commencing with financial years 2010-11;

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 for running of “Welfare programmes in the field of health, education, environment etc.”, by SNS Foundation, 1, Sri Aurobindo Marg, New Delhi-110016 without any change in the approved cost of Rs. 16.5 crore for a period of three years commencing from financial year 2010-11 i.e., 2010-11, 2011-12 and 2012-13.

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