Notification Under Section 35AC in respect of Sundeep Foundation, 118. Jolly Bhavan No.1, 10, New Marine Lines, Mumbai. - 26/2011 - Income Tax

Notification Under Section 35AC in respect of Sundeep Foundation, 118. Jolly Bhavan No.1, 10, New Marine Lines, Mumbai. NOTIFICATION New Delhi, the 27 th April, 2011 S.O. 867(E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.422(E) dated the 19 th May, 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 6, Running of Health Care arid Education activities in Gujarat and Maharashtra by Sundeep Foundation, 118. Jolly Bhavan No.1, 10, New Marine Lines, Mumbai - 400020, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000, which was extended further vide notification number S.O. 1051(E) dated the 18 th October, 2001 for a period of three years beginning with assessment year 2002-2003; which was extended further vide notification number S.O. dated the 23 rd March, 2005 for a period of three years beginning with financial year 2004-2005 and which was extended further vide notification number S.O.2383(E) dated the 3 rd October, 2008 for a period of three years beginning with financial year 2007-08; And Whereas by notification number S.O.391(E) dated the 23 rd March, 2005 the estimated cost was enhanced from Rs. 40.00 lakh to Rs.70.00 lakhvide notification number S.O.2383(E) dated 3 rd October, 2008 the estimated cost was enhanced i Rs. 70.00 to 120.00 Iakh; And Whereas the said project or scheme is likely to extend beyond twelve years; And, whereas, the National Committee for the 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 and amending the project cost from Rs. 120.00 lakh to Rs. 150.00 Iakh; 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 of Health Care and Education activities in Gujarat and Maharashtra ,which is being carried out by Sundeep Foundation, 118, Jolly Bhavan No.1, 10, New Marine Lines, Mumbai 400020, as an eligible project or scheme for a further period of three financial years commencing with the financial year 2010-11 i.e 2010-11, 2011-12 2012-13, with a direction as the financial year 2010-11has already lapsed, no certificate under section 35 AC of Income Tax Act, 1961 shall be issued for the financial year 2010-11; (b) further amends the said notification number S.O.422(E) dated the 19 th May, 1998. to the following effect, namely: In the said notification, in the Table against serial number 4, in column (4). Relating to maximum amount of cost to be allowed as dedection under section 35AC of Income Tax Act, 1961 , for the letters, figures and word Rs. 120.00 Iakh the letters, figures and word Rs. 150.00 lakh shall be substituted. [No.26/2011/F.No. V-27015/1/2011-SO (NAT.COM)] NAVEEN CHANDRA, Director (National Committee)