Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Construction of school building and other related items and running expenses of the school (Janana Prabodhini Vidyalay) at Maharashtra, by Janana Pravodhini-156-D Railway Lines - 315/2002 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Construction of school building and other related items and running expenses of the school (Janana Prabodhini Vidyalay) at Maharashtra , by Janana Pravodhini-156-D Railway Lines Notification No. 315 of 2002 Dated 24th Oct., 2002 Whereas by notification of the Government of India in the Ministry of Finance number S.O. 10(E) dated the 4th January, 2000, 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 9, for Construction of school building equipments/furniture/audio-visual aids and other related items and running expenses of the school (Janana Prabodhini Vidyalay) at Village-Harali, Taluk-Lohara, District-Osmanabad, Maharashtra, by Janana Pravodhini-156-D Railway Lines, Solapur-413001, Maharashtra as an eligible project or scheme for a period of three years beginning with assessment year 2000-2001; And whereas, the said project or scheme is likely to extend beyond three years; And whereas the National Committee, 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 and amending the project cost from ₹ 365.77 lakhs to ₹ 264.00 lakhs; 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 Construction of school building equipments/furniture/audit-visual aids and other related items and running expenses of the school (Janana Prabodhini Vidyalay) at Village-Harali, TalukLohara, District-Osmanabad, Maharashtra, which is being carried out by Janana Pravodhini-Solapur, 156-D, Railway Lines, Solapur-413001, Maharashtra as an eligible project or scheme for a further period of three years beginning with assessment year 2003-2004; and (b) further amends the said notification number S.O. 10(E) dated the 4th January, 2000, to the following effect, namely In the said notification, in the Table against serial number 9, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word ₹ 365.77 lakhs , the letters, figures and word ₹ 264.00 lakhs shall be substituted. [F.No.NC-90/2002]