Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Thermax Social Initiative Foundation, Pune
Notification No. 7/2012[F.No.V-27015/1/2012-SO (NAT.COM)]/S.O. 462(E), dated 16-3-2012
Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.2370(E), dated the 3rd October, 2008, 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 27, “Running the School K.C. Thackeray Vidya Niketan English Medium School” by Thermax Social Initiative Foundation, 4, Thermax House, Pune Mumbai Road, Shivajinagar, Pune – 411005, as an eligible project or scheme for a period of three years beginning with financial year 2008-09;
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 and amending the project cost from Rs. 3.50 crore to Rs. 7.30 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), –
(a) hereby notifies the scheme or project “Running the School K.C. Thackeray Vidya Niketan English Medium School”, which is being carried out by Thermax Social Initiative Foundation, 4, Thermax House, Pune Mumbai Road, Shivajinagar, Pune – 411005; as an eligible project or scheme for a further period of three years commencing with the financial year 2011-12 i.e. 2011-12, 2012-13 and 2013-14.
(b) further amends the said notification number S.O.2370(E), dated the 3rd October, 2008, to the following effect, namely :-
In the said notification, in the Table against serial number 27, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 3.50 crore”, the letters, figures and word “Rs. 7.30 crore” shall be substituted.
