Exemption u/s 35AC - Central Government notified "Construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre at Ramohalli, Kengari, Bangalore South, Karnataka State" as an eligible project or scheme - 07/2009/S.O. 236(E) - Income Tax

Exemption u/s 35AC - Central Government notified "Construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre at Ramohalli, Kengari, Bangalore South, Karnataka State" as an eligible project or scheme NOTIFICATION New Delhi , the 21st January, 2009 S.O. 236(E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 54(E) dated the 16th January, 1998, 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 18, "Construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre at Ramohalli, Kengari, Bangalore South, Karnataka State" by Shubham Karothi, 52/1, Ramo Halli, Kengeri Hobli, Bangalore, as an eligible project or scheme for a period of three years beginning with assessment year 1998-1999, which was extended further vide notification number S.O.542(E) dated the 20th June, 2001 for a period of three years beginning with assessment year 2001-2002; which was extended futher vide notification number S.O. 220(E) dated the 23rd February, 2004 for a period of three years beginning with assessment year 2004-2005 and which was extended further vide notification number S.O. 1833(E) dated the 26th October, 2006 for a period of three years beginning with financial year 2006-2007; And whereas the said project or scheme is likely to extend beyond twelve 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 enhancing the project cost from Rs. 2.00 crore to Rs. 4.00 crore; 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 specifies the scheme or project "Construction, of building, purchase of equipments finishing and running of school and rehabilitation centre at Ramohalli, Kengeri, Bangalore South, Karnataka State", which is being carried out by Shubham Karothi, 52/1, Ramo Halli, Kengeri Hobli, Bangalore; (b) further amends the said notification number S.O.54(E) dated the 16th January, 1998, to the following effect, namely:- In the said notification, in the Table against serial number 18, in column (4) relating to maximum amount of cost to be allowed as deduction under Section 35AC, for the letters, figures and word "Rupees 200.00 lakh", the letters, figures and word "Rs. 4.00 crore" shall be substituted. [No. 7/2009/F. No.NC-274/17/2008] NAVEEN CHANDRA, Director (National Committee)