Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Setting up and running of vocational training centers for computer courses and tailoring classes at 386 centres by Sterlite Foundation - 046/2007- S.O. 247(E) - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Setting up and running of vocational training centers for computer courses and tailoring classes at 386 centres by Sterlite Foundation NOTIFICATION NO. 46/2007, DATED 15-2-2007 S.O. 247(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 sub-section (1) read with clause ( b ) of the Explanation to section 35 AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 14, for Setting up and running of vocational training centers for computer courses and tailoring classes at 386 centres by Sterlite Foundation, 113, Samudra Mahal, Annie Besant Road, Worli, Mumbai, 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.635(E), dated the 5th July, 2000 for a period of three years beginning with assessment year 2001-02 which was extended further vide notification Number S.O.221(E) dated the 23rd February, 2004 for aperiod of three years beginning with assessment year 2004-2005; AND WHEREAS by notification Number S.O. 62(E), dated the 22nd January, 2003 the existing entry Setting up and estimated cost was enhanced from ₹ 4.56 lakh to ₹ 7.5 lakh and notification Number S.O. 649(E), dated the 1st June, 2004 the estimated cost was enhanced from ₹ 1201.60 lakhs including a corpus fund of ₹ 1063.00 to ₹ 8372.62 lakh including a corpus fund of ₹ 7242.00 lakh; AND WHEREAS the said project or scheme is likely to extend beyond nine 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; 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 specifies the scheme or project for Setting up and running of vocational training centers for computer courses and tailoring classes at 386 centres which is being carried out by Sterlite Foundation, 113, Samudra Mahal, Annie Besant Road, Worli, Mumbai, without any change in the approved cost of ₹ 8272.62 lakh including acorpus fund of ₹ 7242.00 lakhs, as an eligible project or scheme for a further period of three years commencing from the financial year 2006-07. [F. No. NC-274/04/2006]