SUSTAINABLE DEVELOPMENT THROUGH BIOTECHNOLOGY BY VIDYA PRATISHTHAN, PUNE NOTIFIED AS AN ELIGIBLE SCHEME OR PROJECT UNDER SECTION 35AC
Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes
Notification No. 32/2011 [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 873(E), Dated 27-4-2011
WHEREAS by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 458(E), dated the 30th March, 2006, 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 7, “Sustainable development through biotechnology” by Vidya Pratishthan, Vidyanagari, Bhigwan Road, Baramati, Pune – 413133, Maharashtra, 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. 2371(E), dated 3rd October, 2008 for further 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 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 “Sustainable development through biotechnology” which is being carried out by Vidya Pratishthan, Vidyanagari, Bhigwan Road, Baramati, Pune – 413133, Maharashtra, without any change in the approved cost of Rs. 13.94 crore, as an eligible project or scheme for a further period of three years commencing with the financial year 2011-12 i.e. 2011-12, 2012-13. & 2013-14.
