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

NOTIFICATION NO. SO 3451(E) [NO.277/2015 (F.NO.V.27015/4/2015-SO (NAT.COM)], DATED 17-12-2015

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O.388(E) dated the 19th May, 1997, 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 23, “School Adoption Scheme and Balwadi Project at Mumbai, Maharashtra” by The Bombay Community Public Trust, Regent Chamber, 5th Floor, Nariman Point, 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.303(E) dated the 29th March, 2000 for a period of three years beginning with assessment year 2001-2002, which was extended further vide notification number S.O.1373(E) dated the 27th November, 2003 for a period of three year beginning with assessment year 2004-2005, which was extended further vide notification number S.O.474(E) dated the 29th March, 2007 for a period of three year beginning with financial year 2006-2007 and which was extended further vide notification number S.O. No.2611(E) dated 14th October, 2009 for a period of three year beginning with financial year 2009-10 and which was extended further vide notification number S.O. No.653(E) dated 12th March, 2013 for a period of three year beginning with financial year 2012-13;

And whereas the said project or scheme is likely to extend beyond eighteen 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;

And whereas the National Committee for Promotion of Social and Economic Welfare, has also decided that further extension will be considered in the instant case after the raised funds have been utilized for the project.

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 “School Adoption Scheme and Balwadi Project at Mumbai, Maharashtra” which is being carried out by The Bombay Community Public Trust, Regent Chamber, 5th Floor, Nariman Point, Mumbai, without any change in the approved cost of Rs. 300.00 lakh, as an eligible project or scheme for a further period of three years commencing with financial year 2015-16 i.e. 2015-16, 2016-17 & 2017-18.