NOTIFICATIONS
INCOME-TAX ACT
Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes
NOTIFICATION NO. 49/2010 [F.NO. V-27015/1/2010-SO (NAT.COM)]/S.O. 1150(E), DATED 17-5-2010
WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 422(E), dated the 19th May, 1998, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had notified at serial number 5, “Purchase of Ambulance, instruments and running of welfare activities (medical aid/camps, distribution of foodgrain and clothes)” by Shree Baldevdas Charitable Trust, 18, Ravpura Society, B/h. Memnagar Fire Station, Navragpura, Ahmedabad – 380 009, 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. 558(E) dated the 20th June, 2001 for a period of three years beginning with assessment year 2002-03, which was extended further vide notification number S.O. 788(E), dated the 5th July, 2004 for a period of three years beginning with financial year 2004-05 and which was extended further vide notification number S.O. 1801(E), dated 23rd October, 2007 for a period of three years beginning with financial year 2007-08;
AND WHEREAS by notification number S.O. 788(E), dated the 5th July, 2004 the estimated cost was enhanced from Rs. 75 lakh to Rs. 175 lakh; vide notification number S.O. 1801(E), dated 23rd October, 2007 the estimated cost was enhanced from Rs. 175 lakh to Rs. 325 lakh with a corpus fund of Rs. 30 lakh;
AND WHEREAS the said project or scheme is likely to extend beyond twelve years;
AND, WHEREAS, the National Committee for the 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, hereby notifies the scheme or project “Purchase of Ambulance, instruments and running of welfare activities (medical aid/camps, distribution of foodgrain and clothes)” which is being carried out by Shree Baldevdas Charitable Trust, 18, Ravpura Society, B/h. Memnagar Fire Station, Navragpura, Ahmedabad – 380 009, without any change in the approved cost of Rs. 3.25 crore including a corpus fund of Rs. 30 lakh, as an eligible project or scheme for a period of three more years beginning with financial year 2010-11 i.e., 2010-11, 2011-12 and 2012-13.
