SECTION 35AC, READ WITH EXPLANATION (B) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – ISKCON FOOD RELIEF FOUNDATION, MUMBAI – AMENDMENT IN NOTIFICATION NO. S.O.708(E), DATED 25-5-2005

NOTIFICATION NO. 54/2011[F.NO. V-27015/2/2011-SO (NAT.COM)]/S.O. 1374(E), DATED 14-6-2011

Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.708(E), dated the 25th May, 2005, 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 17, “Providing mid-day meal to 50,000 school-students in Delhi” by Iskcon Food Relief Foundation, Hare Krishna Land, Juhu, Mumbai – 400049, as an eligible project or scheme for a period of three years beginning with financial year 2005-06 and which was extended further vide Notification Number S.O. 1312(E), dated 4th June, 2008 for a period of three years beginning with financial year 2008-09;

And whereas the said project or scheme is likely to extend beyond six 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 and amending the project cost from Rs. 10.73 crore including a corpus fund of Rs. 10 crore to Rs. 27.16 crore including a corpus fund of Rs. 10 crore.

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 “Providing mid-day meal to 50,000 school-students in Delhi”, which is being carried out by Iskcon Food Relief Foundation, Hare Krishna Land, Juhu, Mumbai – 400049 for a further period of three years commencing with the financial year 2011-12 i.e. 2011-12, 2012-13 & 2013-14; and

(b)  further amends the said Notification Number S.O.708(E), dated the 25th May, 2005, to the following effect, namely:-

In the said Notification, in the Table against serial Number 17, in column (4), relating to maximum cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 10.73 crore including a corpus fund of Rs. 10 crore” the letters, figures and word “Rs. 27.16 crore including a corpus fund of Rs. 10 crore” shall be substituted.

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Category : Income Tax (25478)
Type : Notifications (15395) Notifications/Circulars (30662)

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