U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Valluvar Gurukulam, Chennai - S.O.1520 (E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 37/2016 New Delhi, the 26 th April, 2016 S.O.1520 (E).- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.614(E) dated 18.03.2010 , 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 notified at serial number 16, Kala Bhavanam by Valluvar Gurukulam, 220, G S T Road, Tambaram West, Chennai-600045 , at the estimated cost of ₹ 2.38 crore, as an eligible project or scheme for a period of three years beginning with financial year 2010-11 and which was extended further vide notification number S.O. 3833(E) dated 27th December, 2013 for a period of three year ending with financial year 2015-16; 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 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) , - (a) hereby notifies the scheme or project Kala Bhavanam , which is being carried out by Valluvar Gurukulam, 220, G S T Road, Tambaram West, Chennai-600045 ,without any change in the approved cost of ₹ 2.38 crore, as an eligible project or scheme for a further period of three years beginning with financial years, financial year 2016-17 i.e. 2016-17, 2017-18 and 2018-19; (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)