SECTION 35AC OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES

NOTIFICATION NO. S.O. 482(E) [NO. 27/2012 (F. NO.V-27015/1/2012-SO (NAT.COM))], DATED 16-3-2012

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 121(E) dated 12th January, 2009, 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 35, BJS Educational Quality Improvement Project (BJS-EDUQIP) by Bhartiya Jain Sanghatana, Senapati Bapat Road, Opposite Hotel Sahara, Pune – 411016, as an eligible project or scheme for a period of three years beginning with financial year 2008-09 and which was extended further videnotification number S.O. 859(E) dated 27th April, 2011;

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 amending the project cost of Rs 17.63 crore to Rs 29.77 crore.

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 for BJS Educational Quality Improvement Project (BJS-EDUQIP) which is being carried out by Bhartiya Jain Sanghatana, Senapati Bapat Road, Opposite Hotel Sahara, Pune 411016, as an eligible project or scheme for the period of three years commencing with the financial year 2011-12 i.e. 2011-12, 2012-13 & 2013-14;

(b) further amends the said notification number S.O. 121(E) dated 12th January, 2009, to the following effect, namely:-

In the said notification, in the Table against serial number 8, in column (4), relating to maximum amount of cost to be allowed as deduction under section of 35AC of Income-tax Act, 1961 for the letters, figures and word “Rs 17.63 crore” the letters, figures and word “Rs 29.77 crore” shall be substituted.