Exemption u/s 35AC - 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, Ramohalli, Kengeri Hobli, Bangalore, as an eligible proj - 85/2009 - Income Tax

Exemption u/s 35AC - 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, Ramohalli, Kengeri Hobli, Bangalore, as an eligible project or scheme Notification No. 85/2009 Dated 6-8-2009 S.O. 2047(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, Ramohalli, Kengeri Hobli, Bangalore, as an eligible project or scheme for a period of three years beginning with assessment year 1998-99, 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 2001-02, which was extended further vide notification number S.O. 220(E), dated the 23th February, 2004 for a period of three years beginning with assessment year 2004-05 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 2006-07; And whereas by notification number S.O. 236(E), dated the 21st January, 2009 the estimated cost was enhanced from Rs. 200.00 lakhs to Rs. 4.00 crores; 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 extending the said project or scheme for a further period of three years; 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 "Construction of building, purchase of equipments furnishing and running of school and rehabilitation centre at Ramohalli, Kengari, Bangalore South, Karnataka State" being carried out by Shubham Karothi, 52/1, Ramohalli, Kengeri Hobli, Bangalore, without any change in the approved cost of Rs.4.00 crore, as an eligible project or scheme for a further period of three years beginning with financial year 2009-10 i.e. 2009-10, 2010-11 and 2011-12. [No. 85/2009/F. No. NC-274/12/2009]