U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Pragun Jindal Educational Organisation, Bangalore - 99/2013 - Income Tax

NOTIFICATION NO. 99/2013 DATED 27-12-2013 S.O. 3850(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 121(E), dated 12th January, 2009 , 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 19, Expansion of Jindal Pre-University College to Jindal Rural college by Pragun Jindal Educational Organisation, Chikabidarakallu village, Taluka Nelmangala, Dasanpura Hobli, District Bangalore-560073, as an eligible project or scheme for a period of three years beginning with financial year 2008-09; which was further extended vide notification number S.O. 2401(E), dated 18.10.2011 for three years ending with financial year 2013-14. And whereas by notification number S.O.1796(E), dated the 21st July, 2010 the estimated cost was amended from ₹ 14 crore to ₹ 29 crore including a corpus fund of ₹ 10 crore; And whereas the said project or scheme is likely to extend beyond six 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 extending the said project or scheme for a further period of three year. 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 Expansion of Jindal Pre-University College to Jindal Rural college , is being carried out by Pragun Jindal Educational Organisation, Chikabidarakallu village, Taluka Nelmangala, Dasanpura Hobli, District Bangalore- without any change in the approved cost of ₹ 29.00 crore including corpus fund of ₹ 10 crore i.e., ₹ 11 crore for non-recurring expense, ₹ 8 crore for recurring expense and ₹ 10 crore as corpus fund, as an eligible project or scheme for a further period of three years commencing with financial year 2014-15 i.e. 2014-15, 2015-16 and 2016-17. [F.NO.27015/3/2013-SO (NAT.COM)]