SECTION 35AC, READ WITH EXPLANATION (b) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – BHARATIYA JAIN SANGHATANA, PUNE
NOTIFICATION NO. 43/2014 [F.NO.V.27015/1/2014-SO(NAT.COM)]/SO 1966(E), DATED 31-7-2014
Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 121(E) dated 12.01.2009 issued under 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 35, “Bharatiya Jain Sanghatana, Educational Quality Improvement Project (BJS-EDUQIP)” by “Bharatiya Jain Sanghatana, Senapati Bapat Road, Opposite Hotel Sahara, Pune-411016”, as an eligible project or scheme, at the estimated cost of Rs. 17.63 crore, for a period of three years ending with financial year 2010-11, which was further extended vide notification number S.O. 859(E) dated 27.4.2011 for a period of three years ending Financial year 2013-14;
And whereas vide notification number S.O. 482(E) dated 16.3.2012, the project cost was enhanced from Rs. 17.63 crore to Rs. 29.77 crore by amending notification number S.O. 121(E) dated 12.01.2009;
And whereas the said project or scheme is likely to extend beyond 6 years;
And whereas the project cost is likely to enhance further from Rs. 29.77 crore to Rs. 59.77 crore;
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 and also enhancing the project cost from Rs. 29.77 crore to Rs. 59.77 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 1961), hereby (i) notifies the scheme or project “Bharatiya Jain Sanghatana, Educational Quality Improvement Project (BJS-EDUQIP)”, which is being carried out by “Bharatiya Jain Sanghatana, Senapati Bapat Road, Opposite Hotel Sahara, Pune 411016”, for a further period of three years commencing with financial year 2014-15, i.e., 2014-15, 2015-16 and 2016-17 and (ii) amends the said notification number S.O. 121(E) dated 12.01.2009 (as amended vide notification number S.O. 482(E) dated 16.3.2012), to the following effect, namely: –
‘In the said notification, in the Table against serial number (3), in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC, for the letters, figures and words “Rs. 29.77 crore”, the letters, figures and words “Rs. 59.77 crore”, shall be substituted’.
