Notification u/s 35AC - Notifies the scheme or project "Expansion of Snehalaya Dnyanmandir (School) and Hostel", which is being carried out by Snehalaya (Social Trust), At Post Karamba, Taluka North Sholapur, District Sholapur-413222, Maharashtra - 45/2013 - S.O. 3163(E) - Income Tax

NOTIFICATION NO. 45/2013 DATED 17-10-2013 S.O. 3163(E) - 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 19, "Expansion of Snehalaya Dnyanmandir (School) and Hostel" by Snehalaya (Social Trust), At Post Karamba, Taluka North Sholapur, District Sholapur - 413222, Maharashtra State, as an eligible project or scheme for a period of three years beginning with financial year 2007-2008; which was extended further vide notification number SO. 1143(E) dated 17th May, 2010 for a period of three year ending with financial year 2012-13. And whereas by notification number S.O.850(E) dated the 25th March, 2009 , the estimated cost was enhanced from Rs. 1.36 crore to Rs. 8.77 crore; 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 specifying the said project or scheme for a further period of three years and enhancement of the project cost; 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 "Expansion of Snehalaya Dnyanmandir (School) and Hostel", which is being carried out by Snehalaya (Social Trust), At Post Karamba, Taluka North Sholapur, District Sholapur-413222, Maharashtra State, 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) hereby amends the said notification number S.O.466(E) dated the 29th March, 2007 read with notification number S.O.850(E) dated the 25th March, 2009 , to the following effect, namely :- In the said notification, in the Table against serial number 19 in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC , for the letters, figures and words "Rs.8.77 crore", the letters, figures and words "Rs. 11.77 crore" shall be substituted. [F.NO.V-27015/2/2013-SO (NAT.COM)]