U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On –Empathy Foundation, Mumbai - 88/2013 - Income Tax

NOTIFICATION NO. 88/2013 DATED 27-12-2013 S.O. 3839(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 1649(E) dated 12-7-2010, 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 400 089 , 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 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 in the estimated 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 for School Project (renovation, construction, major repairs of Zila Parishad/Municipal Corporation, NGO s and Gram Panchayat s school) which is being carried out by Empathy Foundation, 405, Krushal Commercial Complex, above Shopper s Stop, G.M. Road, Chembur (West), Mumbai- 400 089 as an eligible project or scheme for a further period of three years commencing from the financial year 2013-14 i.e., 2013-14, 2014-15 and 2015-16. (b) further amends the said notification number S.O. 1649(E) dated 12-7-2010, 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 35AC , for the letters, figures and words Rs.7.60 crore , the letters, figures and words Rs. 18.42 crore shall be substituted. [F.NO.27015/3/2013-SO (NAT.COM)]