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

NOTIFICATION NO. 89/2012 [F. NO. V.27015/3/2012-SO (NAT.COM)]/S.O. 2417(E), DATED 9-10-2012

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O.839(E) dated 22nd November, 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 12, “Running of Arpan Eye Bank at Ghatkopar(E), Bombay”, by Arpan Trust, 2, Poonam, 160, R.B. Mehta Marg, Ghatkopar (E), Bombay-400077 as an eligible project or scheme for a period of three years beginning with assessment year 1995-1996, which was extended further vide notification number S.O.212(E) dated 17th March, 1997 for a period of three years beginning with assessment year 1998-99, which was extended further vide notification number S.O.855(E) dated the 21st September, 2000 for a period of three years beginning with assessment year 2001-2002, which was extended further vide notification number S.O. 1254(E) dated the 30th October, 2003 for a period of three years beginning with assessment year 2004-2005 and which was extended further vide notification number S.O.243(E) dated the 15th February, 2007 for a period of three years beginning with financial year 2006-2007 and which was extended further vide notification number S.O. 2052 (E) dated 6th August, 2009 for a period of three years beginning with financial year 2009-10;

And whereas by notification number S.O.855(E) dated the 21st September, 2000 the estimated cost was enhanced from Rs.4.56 lakh to Rs.7.5 lakh, vide notification number S.O.1254(E) dated the 30th October, 2003 the estimated cost was enhanced from Rs.7.5 lakh to Rs.13.50 lakh and which was further enhanced vide notification number S.O.467(E) dated the 29th March, 2007 from Rs. 13.50 lakhs to Rs. 27.00 lakh, vide notification number S.O. 2052(E) dated 6th August, 2009 the estimated cost was enhanced from Rs. 27.00 lakh to Rs. 54 lakh;

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

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 “Running of Arpan Eye Bank at Ghatkopar (E), Bombay”, which is being carried out by Arpan Trust, 2, Poonam, 160, R.B. Mehta Marg, Ghatkopar (E), Bombay-400077, without any change in the approved cost of Rs. 54.00 lakh, as an eligible project or scheme for a further period of three years commencing with financial year 2012-13, i.e. 2012-13,2013-14 & 2014-15.

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Category : Income Tax (28054)
Type : Notifications (15995) Notifications/Circulars (32353)

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