SECTION 35AC, READ WITH EXPLANATION (b) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – CHOORAVILLA JOSEPH DEVELOPMENT FOUNDATION, BANGALORE

NOTIFICATION NO. 52/2014 [F.NO.V.27015/1/2014-SO(NAT.COM)]/SO 1975(E), DATED 31-7-2014

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1237(E), dated 28.10.2003 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 1, “Construction of school and dispensary buildings, purchase of furniture, equipments and integrated development of the poor and marginalized especially the women and children in Trikkadavoor” by “Chooravilla Joseph Development Foundation, No. 54, Rest House Apartment, Rest House Road, Bangalore-560001”, as an eligible project or scheme, at the estimated cost of Rs. 605.23 lakh including a corpus fund of Rs. 320 lakh, for a period of three years ending with financial year 2006-07, which was further extended vide notification number 1597(E), dated 14.11.2005 for a period of two years ending with financial year 2007-08, which was further extended vide notification number No. 1309(E), dated 04.06.2008 for a period of three years ending with financial year 2010-11, and which was further extended vide notification number S.O. 849(E), dated 28.4.2011 for a period of three years ending with financial year 2013-14;

And whereas vide notification number S.O. 1261(E), dated 18.05.2009, the project cost was enhanced from “Rs. 605.23 lakh including a corpus fund of Rs. 320 lakh” to “Rs. 1622.76 lakh including a corpus fund of Rs. 560 lakh” by amending notification number S.O. 1237(E), dated 28.10.2003;

And whereas the said project or scheme is likely to extend beyond 11 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 “Construction of school and dispensary buildings, purchase of furniture, equipments and integrated development of the poor and marginalized especially the women and children in Trikkadavoor”, which is being carried out by “Chooravilla Joseph Development Foundation, No. 54, Rest House Apartment, Rest House Road, Bangalore-560001”, without any change in the approved cost of Rs. 1622.76 lakh including a corpus fund of Rs. 560 lakh, for a further period of three years commencing with financial year 2014-15, i.e., 2014-15, 2015-16 and 2016-17.

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Category : Income Tax (26764)
Type : Notifications (15661) Notifications/Circulars (31385)

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