U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Basavanagudi Aquatic Centre, Bangalore - S.O. 1240(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 13/2016 New Delhi, the 29th March, 2016 S.O. 1240(E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 627(E) dated 12.3.2013 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 13, International Standard Swimming Pool by Basavanagudi Aquatic Centre, Pampamahakavi Road, Shankarpuram, Basavanagudi, Bangalore 560 004, Karnataka , as an eligible project or scheme, at the estimated cost of ₹ 2.67 crore for a period of three years ending with financial year 2014-15; And whereas the said project or scheme is likely to extend beyond 3 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. 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 International Standard Swimming Pool , which is being carried out by Basavanagudi Aquatic Centre, Pampamahakavi Road, Shankarpuram, Basavanagudi, Bangalore 560 004, Karnataka , as an eligible project or scheme for a further period of three years without any change in the approved cost of ₹ 2.67 crore commencing with the financial year 2015-16 i.e. 2015-16, 2016-17 and 2017-18. (b). 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)