Notification u/s 35AC - Notifies the scheme or project "Construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre at Ramohalli, Kengari, Bangalore South, Karnataka State", which is being carried out by Shubham Karothi, 52/1, Ramo Halli, Kengeri Hobli, Bangalore - 59/2013 - S.O. 3177(E) - Income Tax

NOTIFICATION NO. 59/2013 DATED 17-10-2013 S.O. 3177(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.54(E), dated the 16th January, 1998, 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 18, "Construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre at Ramohalli, Kengari, Bangalore South, Karnataka State" by Shubham Karothi, 52/1, Ramo Halli, Kengeri Hobli, Bangalore, as an eligible project or scheme for a period of three years beginning with assessment year 1998-1999, which was extended further vide notification number S.O. 542(E), dated the 20th June, 2001 for a period of three years beginning with assessment year 2001-2002, which was extended further vide notification number S.O. 220(E), dated the 23rd February, 2004 for a period of three years beginning with assessment year 2004-2005, which was extended further vide notification number S.O. 1833(E), dated the 26th October, 2006 for a period of three years beginning with financial year 2006-2007, which was further extended vide S.O. No. 2047(E), dated 6th January, 2009 for a period of three years ending with financial year 2011-12. And whereas the said project or scheme is likely to extend beyond fifteen years; And whereas vide notification, number S.O. 236(E), dated 20th January, 2009 the project cost was enhanced from Rs.200 lakh to Rs.400 lakh; 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 ), hereby notifies the scheme or project "Construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre at Ramohalli, Kengari, Bangalore South, Karnataka State", which is being carried out by Shubham Karothi, 52/1, Ramo Halli, Kengeri Hobli, Bangalore, without any change in the approved cost of Rs.400 lakh, as an eligible project or scheme, for a further period of three years commencing with the financial year 2012-13, i.e. 2012-13, 2013-14 2014-15 but with the direction that as the financial year financial year 2012-13 has already elapsed, no certificate under section 35AC of the IT Act, 1961 shall be issued for the said financial year 2012-13. [F.NO.V-27015/2/2013-SO (NAT.COM)]