U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Bharati Vidyapeeth, Bharati Vidyapeeth Bhavan, Pune - S.O.1535 (E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION NO.52 /2016 New Delhi, the 26th April, 2016 S.O.1535 (E). - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 614 (E) dated 18th March, 2010 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 33 Running and Maintenance of Medical Hospital and Research Centre by Bharati Vidyapeeth, Bharati Vidyapeeth Bhavan, L.B.S Marg, Pune 411030 , as an eligible project at the estimated cost of ₹ 35 crore including a corpus fund of ₹ 26.01 crore, for a period of three years ending with financial year 2012-13and which was vide Notification number S.O. 3156(E) dated 17.10.2013 further extended for a period of three years ending with financial year 2015-2016. And whereas the said project or scheme is likely to extend beyond 6 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 Running and Maintenance of Medical Hospital and Research Centre which is being carried out by Bharati Vidyapeeth, Bharati Vidyapeeth Bhavan, L.B.S Marg, Pune 411030 , without any change in the approved cost of ₹ 35 crore including a corpus fund of ₹ 26.01 crore, as an eligible project or scheme, for a further period of three years commencing with financial year 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)