U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Prabhakar Patil Education Society, Raigat, Maharashtra - S.O. 1231(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 4/2016 New Delhi, the 29th March, 2016 S.O. 1231(E). -Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1030(E) dated 7.5.2012 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 16, Prabhakar Patil Education Society s Education Development Project by Prabhakar Patil Education Society, At Post-Veshvi, Taluka-Alibag, District Raigat-228627, Maharashtra , as an eligible project or scheme, at the estimated cost of ₹ 9.75 crore for a period of three years ending with financial year 2014-15; And whereas the project cost is likely to enhance from ₹ 9.75 crore to ₹ 14.89 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 specifying the said project or scheme for a further period of three years and enhancing the project cost from ₹ 9.75 crore to ₹ 14.89 crore. However, the exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules 2014 ; 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 Prabhakar Patil Education Society s Education Development Project , which is being carried out by Prabhakar Patil Education Society, At Post-Veshvi, Taluka-Alibag, District Raigat-228627, Maharashtra , as an eligible project or scheme for a further period of three years commencing with the financial year 2015-16 i.e. 2015-16, 2016-17 and 2017-18; (b) further amends the said notification number S.O. 1030(E) dated 7.5.2012 , to the following effect, namely:- In the said notification, in the Table against serial number 16, in column (4), relating to maximum amount of cost to be allowed as deduction under Section of 35AC of Income Tax Act, 1961 for the letters, figures and word Rs. 9.75 crore the letters, figures and word Rs. 14.89 crore shall be substituted. (c). The exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules 2014 . [F.No.V. 27015/1/2016-SO (NAT.COM)] MAKKHAN LAL MEENA, Dy. Secy. (National Committee)