SECTION 35AC, READ WITH EXPLANATION (B) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – AKSHAYAPATRA FOUNDATION, BANGALORE

NOTIFICATION NO. S.O. 481(E) [NO.26/2012(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. 1237(E), dated the 28th October, 2003, 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 notified at serial number 3, “Mid-Day Meal Program run by the Akshayapatra Foundation, Hare Krishna Hills, West of Chort Road, Rajajinagar, Bangalore – 560010, as an eligible project or scheme for a period of three years beginning with assessment year 2004-05 and which was extended further vide notification number S.O. 1008(E), dated the 5th July, 2006 for a period of three years beginning with financial year 2006-07 and which was extended further vide notification number S.O.856(E), dated 25th March, 2009for a period of three years beginning with financial year 2009-10;

And whereas by notification number S.O. 1008(E), dated the 5th July, 2006 the estimated cost was enhanced from Rs. 2263.75 lakh to Rs. 100.00 crore and vide notification number S.O.856(E), dated 25th March, 2009 the estimated cost was enhanced from 100 crore to 200 crore;

And whereas the said project or scheme is likely to extend beyond nine 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.200.00 crore to Rs.400.00 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),- (a) hereby notifies the scheme or project “Mid Day Meal Program run by the Akshayapatra Foundation”, whicn is being carried out by Akshayapatra Foundation, Hare Krishna Hills, West of Chort Road, Rajajinagar, Bangalore – 560010, as an eligible project or scheme for a further period of three years commencing with the financial year 2012-13 i.e. 2012-13, 2013-14 & 2014-15.

(b) further amends the said notification number S.O. 1237(E) dated the 28th October, 2003, to the following effect, namely :-

In the said notification, in the Table against serial number 3, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 200.00 crore”, the letters, figures and word “Rs.400.00 crore” shall be substituted.