Exemption u/s 35AC - Central Government notified "Satya Bharti Schools by Bharti Foundation, H-5/12,Qutub Ambience, Mehrauli Road, New Delhi, as an eligible project or scheme.

NOTIFICATION

New Delhi, the 21st January, 2009

S.O. 247(E)- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.466(E), dated the 29th March, 2007, 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 1, "Satya Bharti Schools (establishing and supporting over 60 primary schools as well as non-formal education)" by Bharti Foundation, H-5/12,Qutub Ambience, Mehrauli Road, New Delhi- 110030, as an eligible project or scheme for a period of three years beginning with financial year 2007-2008;

And whereas the said project or scheme is likely to extend beyond three 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 enhancing the project cost from Rs. 35 crore including a corpus fund of Rs. 10.00 crore to Rs. 115.00 crore including a corpus fund of Rs. 30.00 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 196l),-

(a) hereby specifies the scheme or project "Satya Bharti Schools (establishing and supporting over 60 primary schools as well as non-formal education)", which is being carried out by Bharti Foundation, H-5/12, Qutub Ambience, Mehrauli Road, New Delhi-l10030;

(b) further amends the said notification number S.O.466(E), dated the 29th March, 2007, to the following effect, namely:—

In the said notification, in the Table against serial number 1, in column (4) relating to maximum amount of cost to be allowed as deduction under Section 35AC, for the letters, figures and word "Rs. 35 crore including a corpus fund of Rs. 10 crore", the letters, figures and word "Rs.115.00 crore including a corpus fund of Rs. 30.00 crore" shall be substituted.

[No.18/2009/F.No. NC-274/17/2008]

 NAVEEN CHANDRA, Director (National Committee)