U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Indian Medical Centre, Chennai, Tamil Nadu - S.O.1523 (E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 40/2016 New Delhi, the 26th April, 2016 S.O.1523 (E) .- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 1052(E) dated 11.05.2010, 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 4, Establishment of school of Nursing for vocational education by Indian Medical Centre, Old No.283, (New No. 218), T.T.K. Road,Chennai 18, Tamil Nadu , at the estimated cost of ₹ 14.17 crore, as an eligible project or scheme for a period of three years ending with financial year 2012-13 and which was extended further vide notification number S.O. 3853(E) dated 27th December, 2013 for a period of three year ending with financial year 2015-16; And whereas the said project or scheme is likely to extend beyond six 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. However, the exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules 2014 ; 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 Establishment of school of Nursing for vocational education , which is being carried out by Indian Medical Centre, Old No.283, (New No. 218), T.T.K. Road, Chennai 18, Tamil Nadu ,without any change in the approved cost of ₹ 14.17 crore, as an eligible project or scheme for a further period of three years beginning with financial years2016-17 i.e. 2016-17, 2017-18 and 2018-19; (b). The exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules 2014. [F. No. V. 27015/1/2016-SO (NAT.COM)] MAKKHAN LAL MEENA,Dy. Secy. (National Committee)