U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Bharti Foundation, New Delhi - 77/2015 - Income Tax

NOTIFICATION NO. 77/2015 DATED 11-2-2015 S.O. 447(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 1, Satya Bharti Schools (establishing supporting 500 primary schools as well as non-formal education) by Bharti Foundation, H-5/12, Qutub Ambience, Mehrauli Road, New Delhi - 110030 , 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 S.O. 648(E) dated 22nd March, 2010 for a period of three years beginning with financial years 2010-11 and the project was further extended vide notification number S.O. 3643(E) dated 17.10.2013 (read with corrigendum S.O. No. 3643(E) dated 11.12.2013) for a period of three years ending with financial year 2015-16; And whereas by notification number 247(E) dated 21st January, 2009, the estimated cost was enhanced from 35.00 crore including a corpus fund of 10.00 crore to 115.00 crore including a corpus fund of 30,00 crore; further, vide notification number S.O. No. 2529(E) dated 11.10.2010 the project cost was changed from 115 crore including a corpus fund of 30 crore to 115 crore including a corpus fund of 45 crore and vide notification number 1879(E) the project cost was further enhanced from 115 crore including a corpus fund of 45 crore to 160 crore including a corpus fund of 60 crore; And whereas the project cost is likely to enhance from 160 crore including corpus fund of 60 crore to 360 crore including corpus fund of 110 crore ; And whereas the National Committee for Promotion of Social und 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 enhancing the project cost from 160 crore including corpus fund of 60 crore to 360 crore including corpus fund of 110 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), hereby amends the said notification number S.O.466(E) dated the 29th March, 2007, to the following effect, namely :- In the said notification, in the Table against serial number 1, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC , for the letters, figures and word 160 crore including corpus fund of 60 crore , the letters, figures and word 360 crore including corpus fund of 110 crore shall be substituted. [F.NO.V.27015/3/2014-SO(NAT.COM)]