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Notified agricultural extension project u/s 35CCC of Income Tax Act, 1961 – Avanti Aqua Culture Training and Development Centre - 55/2015 - Income TaxExtract Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Notification No. 55/2015 New Delhi, Dated 30-6-2015 FORM NO. 3CP 1. Name, address and PAN of the applicant M/s Avanti Feeds Limited , Hyderabad PAN:-AABCA7365E 2. Title of the agricultural extension project Avanti Aqua Culture Training and Development Centre 3. Purpose of the agricultural extension project To educate farmers about increasing Feed Conversion Ratio (FCR) and have better Average Daily Growth (ADG); To educate them on good pond practices so as to increase survival rate and ensure more income; To educate farmers on advantages of mechanization and latest developments of shrimp farming across the globe. 4. Reference No. and date of the application F.No. 203/22/2015-ITA.II received on 27-5-2015 5. Date of commencement of the agricultural extension project Already commenced. However, approval shall be effective from the date of issue of formal Notification u/s 35CCC of the Income-tax Act, 1961 (Act) 6. Duration of the agricultural extension project in months Ongoing project 7. Assessment year(s) for which the agricultural extension project is being notified (not exceeding three years) From date of formal issue of Notification till 31-3-2018 8. Total expenses likely to be incurred for the agricultural extension project (other than cost of land or building) For F.Yr's 2015-16, 2016-17 and 2017-18 applicant has claimed expenses of ₹ 7,23,66,000/-, ₹ 8,60,35,000/- and ₹ 10,25,80,750/-respectively. However, as far as F.Yr. 2015-16 is concerned, claim u/s 35CCC shall be reduced as weighted deduction can be allowed only from date of formal issue of notification. 9. Amount, if any, to be charged from each beneficiary of agricultural extension project. NIL 10. Conditions subject to which agricultural extension project titled 'Avanti Aqua Culture Training and Development Centre' is being notified are as under: i. The approved entity undertaking agricultural extension project shall maintain separate books of account of the agricultural extension project notified under sub-section (1) of section 35CCC , and get such books of account audited by an accountant as defined in the Explanation below sub-section (2) of section 288 . ii. The audit report referred to in sub-rule (1) shall include the comments of the auditor on the true and fair view of the books of account maintained for agricultural extension project, the genuineness of the activities of the agricultural extension project and fulfilment of the conditions specified in the relevant provisions of the Act or the rules or the conditions mentioned in the notification issued under sub-rule (6) or sub-rule (9) of rule 6AAD . iii. The approved entity shall not accept any amount from the beneficiaries under the eligible agricultural extension project for training, education, guidance or for any material so distributed for the said purposes. Only the component of expenditure specifically relatable to training, education and guidance of the farmers shall be allowed; In addition: (a) No fees or deposits shall be charged from the trainees; (b) No certificate shall be issued to the trainees as a consequence of the said extension project; (c) No permanent infrastructure in form of building/college/training institute shall be created under the said project; (d) The applicant shall not be affiliated with any university for this project. iv. The approved entity shall not get any direct or indirect benefit from the notified agricultural extension project except the deduction of the eligible expenditure in accordance with the provisions of section 35CCC of the Act, rule 6AAD of I.T. Rules, 1962 and this Notification. The approved entity shall also not name any of their agricultural extension project/activity/scheme on the brand name of any of their products. Further, expenditure related to International Exposure visit shall be subject to the following conditions: (a) Only the component of expenditure specifically and exclusively relatable to training, education and guidance of the farmers shall be allowed; (b) Only one foreign training can be imparted to an individual farmer i.e. once foreign training has been given to a individual farmer, he shall be ineligible for subsequent nomination; (c) The foreign training shall be of generic nature unrelated to company's business; (d) No dealer/retailer of company's product, employee of the company or persons associated with marketing of the product shall be send abroad in the name of training; (e) Only the randomly selected farmers shall be send for training irrespective of their scale of operation; (f) Only one person per family shall be eligible for foreign training during the period of validity of this approval; (g) Expenses preparatory to the foreign tour shall not be borne by the applicant. v. The applicant shall furnish data sheet of farmers who have benefited from the project to the Ministry of Agriculture. vi. All expenses (not being expenditure in the nature of cost of any land [including pond cost or lease rental, excavation cost, outlet and catwalk expenses] or building), as reduced by the amount received from beneficiary, if any, incurred wholly and exclusively for undertaking an eligible agricultural extension project shall be eligible for deduction under section 35CCC : Provided that any expenditure incurred on the agricultural extension project which is reimbursed or reimbursable to the assessee by any person, whether directly or indirectly, shall not be eligible for deduction under section 35CCC . vii. Where a deduction under this section 35CC of the Act is claimed and allowed for any assessment year, deduction shall not be allowed in respect of such expenditure under any other provisions of the Act for the same or any other assessment year. viii. The approved entity shall, on or before the due date of furnishing the return of income under sub-section (1) of section 139 , furnish the following to the jurisdictional PCIT/CIT/PDIT/DIT, as the case may be, namely:- (a) the audited statement of accounts of the agricultural extension projects for the previous year along with the audit report and amount of deduction claimed under sub-section (1) of section 35CCC ; (b) a note on the agricultural extension project undertaken by it during the previous year and the programme of agricultural extension project to be undertaken during the current year and the financial allocation for such programme; and (c) a certificate from the Ministry of Agriculture, Government of India, regarding the genuineness of the agricultural extension project undertaken by the assessee during the previous year. ix. Under the project only product neutral training will be given except a short session on company's profile and products. Further, the farmers benefited under the project will have the privilege of supplying their produce to any other entity. 11. The Central Board of Direct Taxes shall withdraw the approval if the approved entity:- (a) has ceased its activities; or (b) its activities are not genuine; or (c) its activities are not being carried out in accordance with all or any of the relevant provisions of the Act or Rules; or (d) its activities are not being carried out in accordance with all or any of the conditions subject to which the notification is being issued. [F.NO.203/22/2015-ITA.II] (Rohit Garg) Deputy Secretary of the Govt. of India
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