NOTIFICATION NO. 291/2006, DATED 26-10-2006

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 549(E), dated the 2nd July, 1998, 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 10, for Construction of building for school, hostel and residence quarters at Village Sola, Daskroi Taluk, District Ahmedabad, Gujarat, by Shri Apang Abhyudaya Mandal, Sola Gandhinagar Highway, Opp. New High Court-Sola, Ahmedabad as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number S.O. 570(E), dated the 20th June, 2000 for a period of three years beginning with assessment year 2002-03 and which was extended further vide notification number S.O. 782(E), dated the 5th July, 2004 for a period of three year beginning with financial year 2004-05;

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

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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 two years and amending the project cost from “Rs.32.47 lakhs” to “Rs. 100.00 lakhs;”

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 specifies the scheme or project for Construction of building for school, hostel and residence quarters at Village Sola, Daskroi Taluk, District Ahmedabad, Gujarat, which is being carried out by Shri Apang Abhyudaya Mandal, Sola Gandhinagar Highway, Opp. New High Court-Sola, Ahmedabad as an eligible project or scheme for a further period of two years commencing from the financial year 2007-08; and

(b) further amends the said notification number S.O. 549(E), dated the 2nd July, 1998, to the following effect, namely :-

In the said notification, in the Table against serial number 10, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs.32.47 lakhs”, the letters, figures and word “Rs. 100.00 lakhs” shall be substituted.

[F. No. NC-274/03/2006]

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