Exemption u/s 35AC - Central Government notified 'Construction of building, purchase of equipments, furnishing and running of school and rehabilitation centre at Ramohalli, Kengari, Bangalore South, Karnataka State' as an eligible project or scheme - 07/2009/S.O. 236(E) - Income Tax

Exemption under Section 35AC: specified project's allowable deduction ceiling increased, enabling higher project-cost eligibility for tax deduction.

The Central Government specifies the project for construction, equipping, furnishing and running of a school and rehabilitation centre at Ramohalli, Kengeri, Bangalore South, executed by Shubham Karothi, as an eligible project under the Explanation to Section 35AC, noting prior notifications and Committee recommendation. On that recommendation and exercise of statutory power the Government amends the earlier notification to increase the maximum allowable project cost, substituting the prior cost ceiling with a higher project-cost ceiling for deduction eligibility under the exempting provision.