Notification u/s 35AC - Notifies the various schemes or projects which is being carried out by "Sri Sathya Sai Central Trust, Prashanthi Nilayam-515 134, Anantapur Distt., Andhra Pradesh" - 24/2013 - S.O. 3142(E) - Income Tax

NOTIFICATION NO. 24/2013 DATED 17-10-2013 S.O. 3142(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number SO. 466(E), dated 29th March, 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 21 "Running and maintenance of Sri Sathya Sai Institute of Higher Medical Sciences at Prasanthigram (Andhra Pradesh), running and maintenance of Sri Sathya Sai Institute of Higher Medical Sciences at Whitefield, Bangalore (Karnataka), running and maintenance of Sri Sathya Sai Mobile Hospital, building a corpus fund for the Trust" by "Sri Sathya Sai Central Trust, Prashanthi Nilayam-515 134, Anantapur Distt., Andhra Pradesh", as an eligible project at the estimated cost of Rs. 193.20 crore including a corpus fund of Rs. 100 crore for a period of three years ending with financial year 2009-10; which was further extended vide notification number S.O. 1148(E), dated 17th May, 2010 for a period of three more years ending with financial year 2012-13; which was further amended vide notification number S.O. 2528(E), dated 11th October, 2010 that 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". And whereas the said project or scheme is likely to extend beyond 6 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; 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 and maintenance of Sri Sathya Sai Institute of Higher Medical Sciences at Prasanthigram (Andhra Pradesh), running and maintenance of Sri Sathya Sai Institute of Higher Medical Sciences at Whitefield, Bangalore (Karnataka), running and maintenance of Sri Sathya Sai Mobile Hospital, building a corpus fund for the Trust" which is being carried out by "Sri Sathya Sai Central Trust, Prashanthi Nilayam-515 134, Anantapur Distt., Andhra Pradesh", as an eligible project or scheme, for a further period of three years commencing with financial year 2013-14 i.e., 2013-14, 2014-15 2015-16. (b) further amends the said notification number S.O. 466(E), dated 29-3-2007, to the following effect, namely :- In the said notification, in the Table against serial number 21 in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC of Income-tax Act, 1961 , for the letters, figures and words "Rs. 193.20 crore including a corpus fund of Rs.100 crore", the letters, figures and words "Rs. 596.20 crore including a Corpus fund of Rs.100 crore" shall be substituted. [F. NO. V-27015/2/2013-SO (NAT.COM)]