Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Shri Vedmata Gayatri Trust, Haridwar

Notification No.20/2012[F.No.V-27015/1/2012-SO (NAT.COM)]/S.O. 475(E), dated 16-3-2012

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.915(E) dated the 27th August, 2002, 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 1, “Construction of building, Auditorium, Ayurvedic Clinic, School building, Administrative Block, Residential Quarters and purchase of equipments, furniture/fixture, books for Dev Sanskriti Vishwa Vidayala and running of swavalammban, Healthcare and Education programmes at Shantikunj, Haridwar” by Shri Vedmata Gayatri Trust, Shantikunj, Haridwar – 249411 (Uttaranchal), 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.710(E) dated the 25th May, 2005 for a period of three years beginning with financial year 2005-06 and which was extended further vide notification number S.O. 1308(E) dated 4th June, 2008 for a period of three years beginning with financial year 2008-09 and which was extended further vide notification number S.O. 1391(E) dated 14th June, 2011 for a further period of three years beginning with the financial year 2011-12;

And whereas the said project or scheme is likely to extend beyond twelve years;

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 amending the project cost of Rs. 42.29 crore including a corpus fund of Rs. 30 crore to Rs. 50.29 crore including a corpus fund of Rs. 30 crore.

Now, therefore, the Central Government, in exercise of the powers conferred by sub-section (1) read with clause (a) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby notifies the scheme or project “Construction of building, Auditorium, Ayurvedic Clinic, School building, Administrative Block, Residential Quarters and purchase of equipments, furniture/fixture, books for Dev Sanskriti Vishwa Vidayala and running of swavalammban, Healthcare and Education programmes at Shantikunj, Haridwar” which is being carried out by Shri Vedmata Gayatri Trust, Shantikunj, Haridwar – 249411 (Uttaranchal), as an eligible project or scheme for the period of three years commencing with financial year 2011-12 i.e. 2011-12, 2012-13 & 2013-14.

(b) further amends the said notification number S.O. 915(E) dated the 27th August, 2002, to the following effect, namely:-

In the said notification, in the Table against serial number 8, in column (4), relating to maximum amount of cost to be allowed as deduction under section of 35AC of Income-tax Act, 1961 for the letters, figures and words “Rs. 42.29 crore including a corpus fund of Rs 30 crore” the letters, figures and words “50.29 crore including a corpus fund of Rs. 30 crore” shall be substituted.

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Category : Income Tax (28344)
Type : Notifications (16076) Notifications/Circulars (32599)

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