INTEGRATED RURAL DEVELOPMENT PROJECT BY BHANSALI TRUST, MUMBAI NOTIFIED AS AN ELIGIBLE SCHEME OR PROJECT UNDER SECTION 35AC
Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Amendment in Notification No. S.O. 60(E), dated 22-1-2003
NOTIFICATION NO.12/2011 [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 853(E), DATED 27-4-2011
WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 60(E), dated the 22nd January, 2003, 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 6, “Integrated Rural Development Project” by Bhansali Trust, 640-646, Panchratna Mama Parmanand Marg, Mumbai-400004, as an eligible project or scheme for a period of three years beginning with assessment year 2003-04; which was extended further vide Notification number S.O.1413(E), dated the 4th September, 2006 for a period of two years beginning with financial year 2006-07 and which was extended further vide Notification number S.O.1479(E), dated 17th June, 2008 for a period of three years beginning with financial year 2008-09;
AND WHEREAS the said project or scheme is likely to extend beyond eight years;
AND WHEREAS by Notification number S.O. 1479(E), dated 17th June, 2008 the estimated cost was enhanced from Rs. 12.75 crore to Rs. 18.94 crore.
AND, WHEREAS, the National Committee for the 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 extending the said project or scheme for a further period of three years and amending the project cost from Rs. 18.94 crore to Rs. 32.14 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), – (a) hereby notifies the scheme or project “Integrated Rural Development Project”, which is being carried out by Bhansali Trust, 640-646, Panchratna Mama Parmanand Marg, Mumbai – 400004 for a period of three more years commencing with the financial year 2011-12 i.e., 2011-12, 2012-13 & 2013-14;
(b) further amends the said Notification number S.O. 60(E), dated the 22nd January, 2003, to the following effect, namely:—
In the said Notification, in the Table against serial number 6, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC of Income-tax Act, 1961, for the letters, figures and word “Rs. 18.94 crore” the letters, figures and word “Rs. 32.14 crore” shall be substituted.