SECTION 35AC, READ WITH EXPLANATION (b) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – ABHAYA ASHRAYA, KARNATAKA

NOTIFICATION NO. 10/2014 [F.NO.V.27015/1/2014-SO(NAT.COM)]/SO 1933(E), DATED 31-7-2014

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 3021(E) dated 23.12.2010 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 3, “Recurring cost of old age home, home for physically and mentally challenged older persons, recurring expenses of home for destitute children and for a corpus fund of Rs. 50 lakh” by “Abhaya Ashraya, PO Assaigoli 574199, Konaje Village, Mangalore Taluka, D.K. District, Karnataka”, as an eligible project or scheme, at the estimated cost of Rs. 3.40 crore including corpus fund of Rs. 50 lakh, for a period of three years ending with financial year 2012-13;

And whereas the said project or scheme is likely to extend beyond 3 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 specifying 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), hereby notifies the scheme or project “Recurring cost of old age home, home for physically and mentally challenged older persons, recurring expenses of home for destitute children and for a corpus fund of Rs. 50 lakh”, which is being carried out by “Abhaya Ashraya, PO Assaigoli 574199, Konaje Village, Mangalore Taluka, D.K. District, Karnataka”, without any change in the approved cost of Rs. 3.40 crore including corpus fund of Rs. 50 lakh, for a further period of three years commencing with financial year 2013-14, i.e., 2013-14, 2014-15 and 2015-16 but with the direction that as the financial year 2013-14 has already elapsed, no certificate under Section 35AC (1) of the IT Act, 1961 shall be issued for the said financial year 2013-14.

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Category : Income Tax (27505)
Type : Notifications (15816) Notifications/Circulars (31864)

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