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. 55/2010 [F.NO. V-27015/1/2010-SO (NAT.COM)]/S.O. 1156(E), DATED 17-5-2010
WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 81(E), dated the 24th October, 2005, 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 7, for an integrated project on Water and Natural Resources Management; improving livelihood and quality of lives of the rural poor with reference to the forest and forest fringe dwellers in Uttar Pradesh and West Bengal by Programme Support Unit Foundation (PSU Foundation), 4- Rafi Ahmed Kidwai Marg, Cantonment, Lucknow-226002 as an eligible project or scheme for a period of three years beginning with financial year 2004-05 and which was extended further vide notification number 468(E), dated 29th March, 2007 for a period of three years beginning with financial year 2007-08;
AND WHEREAS the said project or scheme is likely to extend beyond six 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) or 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 for an integrated project on Water and Natural Resources Management; improving livelihood and quality of lives of the rural poor with reference to the forest and forest fringe dwellers in Uttar Pradesh and West Bengal which is being carried out by Programme Support Unit Foundation (PSU Foundation), 4-Rafi Ahmed Kidwai Marg, Cantonment, Lucknow-226002, without any change in the approved cost of Rs. 380.19 crores including a corpus fund of Rs. 45.62 crores, as an eligible project or scheme for a further period of three years commencing with the financial year 2010-11 i.e., 2010-11, 2011-12 and 2012-13.
