Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes
NOTIFICATION NO. 4/2009 [F. NO. V-27015/5/2009 SO (NAT.COM)]/S.O. 637(E), DATED 22-3-2010
WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 497(E), dated the 26th May, 2000, 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 2, for construction of building and running of Vridh Bhakt Niwas (Old Age Home), Dhyan Yoga Kendra and Ayurvedic Dispensary at Village-Bhagdevar, Mahuari Kalan, District—Mirzapur, Uttar Pradesh by Brahmavetta Shree Devaraha Hans Baba Trust, 79, Cariappa Marg, Sainik Farm, New Delhi, as an eligible project or scheme for a period of three years beginning with assessment year 2001-02 and which was extended further vide notification number S.O. 690(E), dated the 13th June, 2003 for a period of three years beginning with assessment year 2004-05; which was further extended vide No. S.O. 1411(E), dated 4-6-2006 commencing with financial year 2006-07, i.e., financial years 2006-07, 2007-08 and 2008-09.
AND WHEREAS the said project or scheme is likely to extend beyond nine 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. 7.55 crore to Rs. 11.85 crore for a further period of three years;
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 “Construction of building and running of Vridha Bhakt Niwas (Old Age Home), Dhyan Yoga Kendra and Ayurvedic Dispensary” being carried out by Brahmavetta Shree Devaraha Hans Baba Trust, 79, Cariappa Marg, Sainik Farm, New Delhi for a period of three years beginning with financial year 2009-10 i.e., 2009-10, 2010-11 and 2011-12.
(b) further amends the said notification number S.O. 497(E), dated the 26th May, 2000, to the following effect, namely:—
In the said notification, in the Table against serial number 2, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 7.55 crore”, the letters, figures and word “Rs. 11.85 crore” shall be substituted.
