U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On –Empathy Foundation, Mumbai - 81/2015 - Income Tax

NOTIFICATION NO. 81/2015 DATED 11-2-2015 S.O. 451(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 1649 (E) dated 12.07.2010 , 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 specified at serial number 26 School Project (renovation, construction, major repairs of Zila Parishad/Municipal Corporation, NGO's and Gram Panchayat's school) by Empathy Foundation, 405, Krushal Commercial Complex, above Shopper's Stop, G.M Road, Chembur (West), Mumbai 400089 , as an eligible project or scheme at the estimated cost of ₹ 7.60 crore, for a period of three years beginning with financial year 2010-11 and which was further extended vide notification number 3839(E) dated 27.12.2013 for a period of three years ending with financial year 2015-16'. And whereas by notification number S.O. 3839(E) dated 27.12.2013 the estimated cost was enhanced from 'Rs.7.60 crore' to 'Rs.18.42 crore'; And whereas the project cost is likely to enhance from ₹ 18.42 crore' to ₹ 79 crore'; 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 amending the project cost from 'Rs.18.42 crore' to 'Rs.79 crore'; Now, therefore, the Central Government, in exercise of the powers conferred by subsection (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. 1649 (E) dated 12.07.2010 , to the following effect, namely :- In the said notification, in the Table against serial number 26, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC , for the letters, figures and words Rs.18.42 crore , the letters, figures and words Rs.79 crore shall be substituted. [F.NO.V.27015/3/2014-SO(NAT.COM)]