SECTION 35AC, READ WITH EXPLANATION (B) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – SRINIVASAN SERVICES TRUST, CHENNAI – AMENDMENT IN NOTIFICATION NO. S.O.267(E),DATED 23-3-2000
NOTIFICATION NO. 70/2011[F.NO. V-27015/2/2011-SO (NAT.COM)]/S.O. 1390(E), DATED 14-6-2011
Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.267(E), dated the 23rd March, 2000, 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 8, “Rural Development Projects at 30 Villages of Tamilnadu, Karnataka and Maharashtra” by Srinivasan Services Trust, Jayalakshmi Estates, 8, Haddows Road, Chennai – 600006, as an eligible project or scheme for a period of three years beginning with assessment year 2000-01, which was extended further vide Notification Number S.O. 1116(E), dated the 24th October, 2002 for a period of three years beginning with assessment year 2003-04 and which was extended further vide Notification Number S.O.509(E), dated the 4th April, 2006 for a period of three years beginning with financial year 2005-2006, which was extended further vide Notification Number S.O.242(E), dated 21st January, 2009 for a period of three years beginning with the financial year 2008-09;
AND WHEREAS by Notification Number S.O.896(E), dated the 5th August, 2003 the inclusion of 8 villages, namely, Khhakondapalli, Mookandapalli, Mathigiri, Belagondapalli, Bethlapalli, Padi, Vanagaram and Mappedu in the approved project, vide Notification Number S.O.242(E), dated 21st January, 2009 the estimated cost was enhanced from Rs. 7.00 crore to Rs. 8.50 crore and vide corrigendum Number 2716(E), dated 28-10-2009 increasing the overall beneficiaries villages from 17 to 30.
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 and amending the project cost from Rs. 850.00 lakh to Rs. 12.85 crore and including aforestation activity in the project name.
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 “Rural Development Projects at 30 Villages of Tamilnadu, Karnataka and Maharashtra”, being carried out by Srinivasan Services Trust, Jayalakshmi Estates, 8, Haddows Road, Chennai – 600006 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.267(E), dated the 23rd March, 2000, to the following effect, namely:-
In the said Notification, in the Table against serial Number 4, in column (3) relating to project name “Rural Development project” read as “Rural Development and aforestation” and against column (4), relating to maximum cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 850.00 lakh” the letters, figures and word “Rs. 12.85 crore” shall be substituted.
