Exemption u/s 35AC - Central Govt. had specified for Setting up and running of vocational training centres for computer courses and tailoring classes at 45 centres, by Sterlite Foundation as an eligible project or scheme - Amendment in N. No S.O.54(E) dated the 16th January,1998 - 155/2004 - Income Tax

Exemption u/s 35AC - Central Govt. had specified for Setting up and running of vocational training centres for computer courses and tailoring classes at 45 centres, by Sterlite Foundation as an eligible project or scheme - Amendment in N. No S.O.54(E) dated the 16th January,1998 Income Tax Notification No.155 /2004 Dated 1st June, 2004 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 35AC 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 centres for computer courses and tailoring classes at 45 centres, by Sterlite Foundation, 113, Samudra Mahal, Annie Basant Road-Worli, Mumbai, as 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 2001-2002 and which was amended further vide notification number S.O.62(E) dated the 22nd January, 2003; 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 specifying the said project or scheme for enhancement of the approved cost of the project (corpus fund) from Rs. 1063.00 lakhs to Rs.7242.00 lakhs (corpus fund);; 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 of setting up and running of vocational training centres for computer courses and tailoring classes at 386 centres by Sterlite Foundation, 113, Samudra Mahal, Annie Basant Road-Worli, Mumbai as an eligible project or scheme, and (b) further amends the said notification number S.O. 54(E) dated the 16th January, 1998, to the following effect, namely:- (i) In the said notification, in the Table, against serial number 14, (i) in column (3) relating to the project or scheme and estimated cost thereof, for the existing entry, the following entry shall be substituted, namely:- "Setting up and running of vocational training centres for computer courses and tailoring classes at 386 centres at the estimated cost of Rs. 8372.62 lakhs including a corpus fund of Rs. 7242 lakhs." and (ii) in column 4, relating to the maximum amount of cost to be allowed as deduction under section 35AC, for the existing entry the following entry shall be substituted, namely "Rs. 8372.62 lakhs including a corpus fund of Rs. 7242 lakhs". File No.NC-240/2003 Sd/- (A.J. Majumdar) Secy. (National Committee)