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
Amendment in Notification No. S.O. 878(E), dated 30-11-1992
Notification No. 39/2010 [f.no. v-27015/1/2010-so (nat.com)]/S.O. 1140(E), dated 17-5-2010
Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue), number S.O. 591(E), dated the 20th August, 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 2, “Construction of Tutorial and Children activity hall/Compound Wall, equipments, vehicle, furnishing and running of Anjali Hospital, T.B. Centre and Children and Educational Activities at Ranasan-Harsol-Sabarkantha, Gujarat” by ANJALI (Society for Rural Health and Development), Post – Ranasan, Via Harsol, Taluka – Prantij, Sabarkantha, Gujarat – 383305, as an eligible project or scheme for a period of three years beginning with assessment year 1998-99 which was extended further vide notification number S.O. 872(E), dated the 21st September, 2000 for a period of three years beginning with assessment year 2001-02, which was extended further vide notification number S.O. 350(E), dated the 31st March, 2003 for a period of three years beginning with assessment year 2004-05 and which was extended further vide notification number S.O. 1003(E), dated the 5th July, 2006 for a period of three years beginning with financial year 2006-07 and which was further extended vide notification number S.O. No. 241(E), dated 21st January, 2009 for a period of three years beginning with financial year 2009-10;
And whereas by notification number S.O.1003(E), dated the 5th July, 2006 the estimated cost was enhanced from Rs. 33 lakhs plus a corpus fund of Rs. 25 lakh to Rs. 171 lakhs including a corpus fund of Rs. 25 lakhs;
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 specifying the said project or scheme for enhancing the project cost from Rs. 171 lakhs plus corpus fund of Rs. 25 lakhs to Rs. 571 lakhs including corpus fund of Rs. 25 lakhs;
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 specifies the scheme or project “Construction of Tutorial and Children activity hall/Compound Wall, equipments, vehicle, furnishing and running of Anjali Hospital, T.B. Centre and Children and Educational Activities at Ranasan-Harsol-Sabarkantha, Gujarat’ being carried out by ANJALI (Society for Rural Health and Development), Post – Ranasan, Via Harsol, Taluka – Prantij, Sabarkantha, Gujarat – 383305.
(b) further amends the said notification number S.O. 878(E), dated the 30th November, 1992 to the following effect, namely :-
In the said notification, in the Table against serial number 2, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 171 lakhs including a corpus fund of Rs. 25 lakhs,” the letters, figures and word “Rs. 571 lakhs including corpus fund of Rs. 25 lakhs” shall be substituted.
