SECTION 35AC, READ WITH EXPLANATION (B) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – GANDHIGRAM TRUST, TAMILNADU -AMENDMENT IN NOTIFICATION NO. S.O.1295(E),DATED 4-6-2008
NOTIFICATION NO. 69/2011[F.NO. V-27015/2/2011-SO (NAT.COM)]/S.O. 1389(E), DATED 14-6-2011
Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 1295(E), dated 4th June, 2008, 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 3, sustainability and building corpus fund for children’s home/hospital/educational Institutions of Gandhigram Trust by Gandhigram Trust, Gandhigram -624302, Dindigul District, Tamilnadu, as an eligible project or scheme for a period of three years beginning with financial year 2008-09;
AND WHEREAS the said project or scheme is likely to extend beyond three 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, and amending the project cost from Rs. 50 lakh to 100 lakh including a corpus fund of Rs. 50 lakh;
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), (a) hereby notifies the scheme or project sustainability and building corpus fund for children’s home/hospital/educational Institutions of Gandhigram Trust, which is being carried out by Gandhigram Trust, Gandhigram -624302, Dindigul District, Tamilnadu, for a further period of three years commencing with financial year 2011-12 i.e. 2011-12, 2012-13 & 2013-14;
(b) further amends the said Notification Number S.O. 1295(E), dated the 4th June, 2008, to the following effect, namely:-
In the said Notification, in the Table against serial Number 3, in column (4), relating to maximum cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 50.00 lakh” the letters, figures and word “Rs. 100.00 lakh including a corpus fund of Rs. 50 lakh” shall be substituted.