NOTIFICATION

INCOME-TAX ACT

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. No. 652(E), dated 22-3-2010

NOTIFICATION NO.87/2010[F.NO.V.27015/4/2010-SO(NAT.COM)]/S.O. 3062(E), DATED 30-12-2010

WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 611(E), dated the 23rd August, 1994, 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 specified at serial number 1, for Leprosy eradication, rehabilitation of leprosy affiliated and their children and rural health at Rajendranagar, Distt. Sabarkantha, Gujarat, by Sahyog Kushthayagna Trust, Rajendranagar, Tal-Himalnagar, District Sabarkantha, Gujarat-383276 as an eligible project or scheme for a period of three years beginning with assessment year 1995-96; which was extended further vide notification number S.O. 211(E), dated the 17th March, 1997 for a period of three years beginning with assessment year 1998-99 which was extended further vide notification number S.O. 413(E), dated the 26th April, 2000 for a period of three years beginning with assessment year 2001-2002 and which was extended further vide notification number S.O. 351(E), dated the 31st March, 2003 for a period of three years beginning with assessment year 2004-05; which was further extended vide No. S.O. 245(E), dated 15-2-2007 for a period of three years beginning with financial year 2006-07 and which was extended further vide notification No. S.O. 652(E), dated 22nd March, 2010 for a period of three years beginning with financial year 2009-10.

AND WHEREAS by notification number S.O. 413(E), dated the 26th April, 2000 the estimated cost was enhanced from Rs. 90.7 lakhs to Rs. 1.30 crore plus a corpus fund of Rs. 1.70 crore; and notification number S.O. 245(E), dated 15-2-2007 the estimated cost was further enhanced from Rs. 3.00 crore to Rs. 5.3 crore including a corpus fund of Rs. 2.7 crore.

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 specifying the said project or scheme for enhancing the project cost from Rs. 5.30 crores including a corpus fund of Rs. 2.70 crores to Rs. 8 crore including a corpus fund of Rs. 5.40 crore.

AS, 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), hereby further amends the said notification number S.O. 652(E), dated the 22nd March, 2010, to the following effect, namely:—

In the said notification, in the Table against serial number 1, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 5.30 crores including a corpus fund of Rs. 2.70 crores”, the letters figures and word “Rs. 8 crore including a corpus fund of Rs. 5.40 crore” shall be substituted.

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