CBDT amends Income Tax Notification No. 14/2015 dated 16.02.2015

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06 May 2021
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CBDT amends Notification No. 14/2015 dated 16.02.2015 vide which CBDT notified Godrej Agrovet Limited – Oil Palm Extension Project under section 35CCC of the Income-tax Act,1961 (43 of 1961) read with Rules 6AAD and 6AAE of the Income-tax Rules,1962. CBDT now amends the same vide Notification No. 47/2021 -Income Tax Dated: 6th May 2021.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi

Notification No. 47/2021 -Income Tax Dated: 6th May 2021

FORM NO. 3CP

S.O. 1765(E).—The Central Board of Direct Taxes, in exercise of its powers under section 35CCC of the Income-tax Act,1961 (43 of 1961) read with Rules 6AAD and 6AAE of the Income-tax Rules,1962 and in partial modification of the Notification No. 14/2015 dated 16.02.2015, issued vide F.No. 203/31/2014-ITA.II, hereby specifies that Sl.No.7 and Sl.No.8 of said Notification shall be read as below:

7	Assessment Year(s) for which the agricultural extension project is being notified (not exceeding three years).	From date of formal issue of Notification No. 14/2015 dated 16.02.2015,till A.Y. 2017-18.
8.	Total expenses likely to be incurred for the agricultural extension project (other than cost of land or building).	Assessment Year	Sanctioned expenditure (Amount in Rs.)
		2015-16	8,53,00,000*
		2016-17	8,53,00,000
		2017-18	8,53,00,000
		*However, as project has been accorded approval from subsequent date in the F.Y. 2014-15, i.e., A.Y. 2015-16, the sanctioned expenditure for the relevant period is to be allowed w.e.f. 16.02.2015.