SECTION 35AC, READ WITH EXPLANATION (b) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – FRIENDSHIP FOUNDATION TRUST, GUJARAT

NOTIFICATION NO.101/2011[F.NO.V-27015/3/2011-SO(NAT.COM]/S.O.1880(E), DATED 11-8-2011

Whereas by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.206(E), dated the 17th March, 1997, 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 notified at serial number 8, “Equipments and vehicle, running of Eye Hospital/camps at Bharatpur, Rajasthan” by Friendship Foundation Trust, Giriraj, 8, Andi Hill, Satellite Road, Jodhpur Tekra, Ahmedabad, Gujarat – 380015, as an eligible project or scheme for a period of three years beginning with assessment year 1997-98, which was extended further vide Notification number S.O. 219(E), dated the 1st April, 1999 for a period of three years beginning with assessment year 2000-2001 which was extended further vide Notification number S.O. 140(E), dated the 22nd February, 2005 for a period of three years beginning with financial year 2004-2005 and which was extended further vide Notification number S.O. 2380(E), dated the 11th August, 2008 for a period of three years beginning with financial year 2007-08;

And whereas by Notification number S.O. 1147(E), dated the 18th November, 1999 the estimated cost was enhanced from Rs. 26.28 lakh to Rs. 50.00 lakh and vide Notification number S.O. 140(E), dated the 22nd February, 2005 the estimated cost was further enhanced from Rs. 50 lakh to Rs. 50 lakh plus 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 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 (43 of 1961), hereby notifies the scheme or project “Equipments and vehicle, running of Eye Hospital/camps at Bharatpur, Rajasthan” being carried out by Friendship Foundation Trust, Giriraj, 8, Andi Hill, Satellite Road, Jodhpur Tekra, Ahmedabad, Gujarat – 380 015, without any change in the approved cost of Rs. 50.00 lakh plus a corpus fund of Rs. 30.00 lakh, as an eligible project or scheme for a further period of three years commencing with the financial years 2010-11, 2011-12 and 2012-13, with a direction that as the financial year 2010-11 has already lapsed, hence no certificate under section 35AC of Income-tax Act, 1961 shall be issued for the financial year 2010-11.

More Under Income Tax

Posted Under

Category : Income Tax (25053)
Type : Notifications (15213) Notifications/Circulars (30080)

Leave a Reply

Your email address will not be published. Required fields are marked *