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. 5/2009 [F. NO. V-27015/5/2009-SO (NAT.COM)]/ S.O. 638(E), DATED 22-3-2010

WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1145(E), dated the 16th July, 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 3, “Sevalaya School expenses project to meet the running expenses of the school and to build corpus fund” by Sevalaya, Kasuva Village, Pakkam PO near Thiruninravur – 602 024, Tamil Nadu, 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 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;

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 “Sevalaya School expenses project to meet the running expenses of the school and to build corpus fund” by Sevalaya, Kasuva Village, Pakkam P.O. near Thiruninravur – 602 024, Tamil Nadu, without any change in the approved cost of Rs. 4 crore including a corpus fund of Rs. 3 crore, as an eligible project or scheme for a further period of three years beginning with financial year 2010-11 i.e., 2010-11, 2011-12 and 2012-13.

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