SECTION 35AC, READ WITH EXPLANATION (b) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – JAMIA ISLAMIA ISHAATUL ULOOM, MAHARASHTRA

NOTIFICATION NO. 31/2014 [F.NO.V.27015/1/2014-SO(NAT.COM)]/SO 1954(E), DATED 31-7-2014

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2907(E) dated 17.11.2009 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 20, “Maintenance and expansion of present activities” by “Jamia Islamia Ishaatul Uloom, Amlibari Molgi Road, District Nandurbar, A/P. Akkalkuwa, Maharashtra–425415”, as an eligible project or scheme, at the estimated cost of Rs.17 crore, for a period of three years ending with financial year 2012-13, and which was further extended vide notification number S.O. 3127(E) dated 17.10.2013 for another three years ending with financial year 2015-16;

And whereas the said project or scheme is likely to extend beyond 6 years;

And whereas the project cost is likely to enhance from Rs. 17.00 crore to Rs. 35.22 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, for specifying the said project or scheme for a further period of one year and also enhancing the project cost from Rs. 17.00 crore to Rs. 35.22 crore.

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 (i) notifies the scheme or project “Maintenance and expansion of present activities”, which is being carried out by “Jamia Islamia Ishaatul Uloom, Amlibari Molgi Road, District Nandurbar, A/P. Akkalkuwa, Maharashtra–425415”, for a further period of one year, i.e., financial year 2016-17, and (ii) amends the said notification number S.O. 2907(E), dated 17-11-2009, 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 35 AC, for the letters, figures and words “Rs. 17 crore”, the letters, figures and words “Rs. 35.22 crore”, shall be substituted’.

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Category : Income Tax (26762)
Type : Notifications (15661) Notifications/Circulars (31385)

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