SECTION 35AC, READ WITH EXPLANATION (B) THERETO OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES -SWAMI SHREE NIRODOSHANANDJI MANAV SEVA TRUST, BHAVNAGAR

NOTIFICATION NO. 78/2012 [F. NO. V.27015/3/2012-SO (NAT.COM)]/S.O. 2406(E), DATED 9-10-2012

Whereas by notification of the Government of India, in the Ministry of “Finance (Department of Revenue) number S.O. 737(E) dated 13th March, 2009, 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 notified at serial number 15, “Shree Nirdoshanandji Manav Seva Trust Hospital” by Swami Shree Nirodoshanandji Manav Seva Trust, Timbi Village, Umrala Taluk, Bhavnagar-364 320 (Gujarat), as an eligible project or scheme for a period of three years beginning with financial year 2008-09 and which was extended further vide notification number S.O. 1097(E) dated 14th May, 2012 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 six 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 amending the project cost of Rs. 3.44 crore to 9.75 crore including a corpus fund of Rs. 6.25 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 “Shree Nirdoshanandji Manav Seva Trust Hospital” which is being carried out by Swami Shree Nirodoshanandji Manav Seva Trust Timbi Village, Umrala Taluk, Bhavnagar-364 320 (Gujarat);

(b) further amends the said notification number S.O. 737(E) dated 13th March, 2009, to the following effect, namely:-

In the said notification, in the Table against serial number 15, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC of the Income-tax Act, 1961 for the letters, figures and word “Rs. 3.44 crore” the letters, figures and word “Rs. 9.75 crore including a corpus fund of Rs. 6.25 crore” shall be substituted.

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Category : Income Tax (26750)
Type : Notifications (15659) Notifications/Circulars (31381)

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