Notification No.114/2015 [F.No.V.27015/4/2014-SO(NAT.COM)] / SO 484(E) : Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible Projects or Schemes, Expenditure on - Notified Eligible Projects or Schemes - Bharat Lok Shiksha Parishad, Delhi

SECTION 35AC, READ WITH EXPLANATION (b) THERETO, OF THE INCOME-TAX ACT, 1961 - ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON - NOTIFIED ELIGIBLE PROJECTS OR SCHEMES - BHARAT LOK SHIKSHA PARISHAD, DELHI

NOTIFICATION NO.114/2015 [F.NO.V.27015/4/2014-SO(NAT.COM)]/SO 484(E), DATED 11-2-2015

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.2835(E) dated 19.12.2011 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 19, "Running of 3150 One Teacher Schools" by "Bharat Lok Shiksha Parishad, A-131/3, Group Industrial Area, Wazirpur, Delhi 110052", as an eligible project or scheme, at the estimated cost of Rs.1554.88 lakh for a period of three years ending with financial year 2013-14 and which was further extended vide notification number S.O.1926(E) dated 31.7.2014 for a period of three years ending with financial year 2016-17;

And whereas by notification number S.O. 1926(E) dated 31.7.2014 the estimated cost was enhanced from Rs.1554.88 lakh to Rs.3024.00 lakh';

And whereas the project cost is likely to enhance from Rs.3024 lakh to Rs.4524 lakh;

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 enhancing the project cost from Rs .3024 lakh to Rs.4524 lakh.

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 amends the said notification number S.O.2835(E) dated 19.12.2011, 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 35 AC, for the letters, figures and words "Rs.3024 lakh", the letters, figures and words "Rs. 4524 lakh" shall be-substituted'.

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