SECTION 35AC, READ WITH EXPLANATION (B) THERETO OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – SHREE AMBICA NIKETAN TRUST, SURAT

NOTIFICATION NO. 82/2012 [F. NO. V.27015/3/2012-SO (NAT.COM)]/S.O. 2410(E), DATED 9-10-2012

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.68(E) dated 14th January, 2004, 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 9, “Construction of Senior Citizens Home -Shree Bhartimaiya Anand Dham (Vriddashram) and running of the project” by Shree Ambica Niketan Trust, Parle Point Athwa Lines, Surat – 395007, as an eligible project or scheme for a period of three years beginning with assessment year 2004-2005, which was extended further vide notification number S.O.1504(E) dated the 7th October, 2007 for a period of three years beginning with financial year 2006-2007 and which was extended further vide notification number S.O. 2046(E) dated 6th August, 2009 for a period of three years beginning with financial year 2009-10;

And whereas the said project or scheme is likely to extend beyond nine 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 extending the said project or scheme for a further period of three years and amending the project cost of Rs. 421 lakh including a corpus fund of Rs. 292 lakh to Rs. 675 lakh (i.e. an additional cost of Rs. 254 lakh) including corpus fund of Rs. 546 lakh;

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 “Construction of Senior Citizens Home -Shree Bhartimaiya Anand Dham (Vriddashram) and running of the project” which is being carried out by Shree Ambica Niketan Trust, Parle Point Athwa Lines, Surat – 395007, as an eligible project or scheme for a further period of three years beginning with financial year 2009-2010 i.e. 2009-2010,2010-2011 and 2011-2012.

(b) further amends the said notification number S.O. 68(E) dated the 14th January, 2004, 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 35AC of the Income-tax Act, 1961 for the letters, figures and word “Rs. 421 lakh crore including a corpus fund of Rs. 292 lakh” the letters, figures and word “Rs. 675 lakh including a corpus fund of Rs. 546 lakh” shall be substituted.

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Category : Income Tax (26731)
Type : Notifications (15656) Notifications/Circulars (31371)

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