Exemption u/s 35AC - Central Government had specified for Setting up and running of vocational training centres for computer courses and tailoring classes at 45 centres by Sterlite Foundation as an eligible project or scheme - Amendment in N. No. S.O. 54(E) dated the 16th January, 1998 - 018/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Setting up and running of vocational training centres for computer courses and tailoring classes at 45 centres by Sterlite Foundation as an eligible project or scheme - Amendment in N. No. S.O. 54(E) dated the 16th January, 1998 Notification No. 18 of 2003, dt. 22nd Jan., 2003 Where as by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 54(E) dated the 16th January, 1998, 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 14, for Setting up and running of vocational training centres for computer courses and tailoring classes at 45 centres by Sterlite Foundation, 113, Samudra Mahal, Annie Basant Road-Worli, 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 under S.O. 635(E) dated 5th July, 2000 for a period of three years beginning with assessment year 2001-2002; And whereas the said project or scheme is likely to extend beyond six years: And whereas, the National Committee, being satisfied that the 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 further amending the approved cost from Rs. 1,201.60 lakhs including a corpus fund of Rs. 1,063.00 lakhs to Rs. 2,193.62 lakhs including a corpus fund of Rs. 1,063.00 lakhs and setting up of 386 vocational training centres against 45 centres; 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 specifies the scheme or project for Setting up and running of vocational training centres for computer courses and tailoring classes at 45 centres which is being carried out by Sterlite Foundation, 113, Samudra Mahal, Annie Basant Road-Worli, Mumbai; and (b) further amends the said notification number S.O. 54(E) dated the 16th January, 1998, to the following effect, namely : In the said notification, in the Table against serial number 14, (i) in column (3) relating to the project or scheme and estimated cost thereof, for the existing entry, the following entry shall be substituted, namely : "Setting up and running of vocational training centres for computer courses and tailoring classes at 386 centres at the estimated cost of Rs. 2,193.62 lakhs including a corpus fund of Rs. 1,063.00 lakhs". (ii) in column (14) relating to the maximum amount of cost to be allowed as deduction under section 35AC, for the existing entry, the following entry shall be substituted, namely "Rs. 2,193.62 lakhs plus a corpus fund of Rs. 1,063.00 lakhs." [F. No. NC-142/2002]