Notification u/s 35AC - notifies the scheme or project "Construction of building, purchase of equipments and running of school for vocational training/rehabilitation of hearing handicapped children at Adipur, Kutch, Gujarat" - 121/2012 - Income Tax

NOTIFICATION NO. 121/2012 DATED 12-3-2013 S.O. 650(E) - Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 698(E) dated the 3rd October, 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 building, purchase of equipments and running of school for vocational training/rehabilitation of hearing handicapped children at Adipur, Kutch, Gujarat by Mata Lachmi Rotary Charitable Society, Station Road, Adipur, Kutch - 370205, Gujarat, as an eligible project or scheme for a period of three years beginning with assessment year 1998-1999, which was extended further vide notification number S.O. 121(E) dated the 11th February, 2000 for a period of three years beginning with assessment year 2001-2002, which was extended further vide notification number S.O. 901(E) dated the 5th August, 2003 for a period of three years beginning with assessment year 2004-2005; which was extended further vide notification number S.O. 1406(E) dated the 4th September, 2006 for a period of three years beginning with financial year 2006-2007 and which was extended further vide notification number S.O. 846(E) dated 25th January, 2009 for a period of three years beginning with financial year 2009-10; And whereas by notification number S.O. 17(E) dated the 4th January, 2000 the estimated cost was enhanced from ₹ 19.00 lakh plus a corpus fund of ₹ 15.00 lakh to ₹ 38.82 lakh including a corpus fund of ₹ 15.00 lakh, vide notification number S.O. 913(E) dated the 20 September, 2001 the estimated cost was further enhanced from ₹ 38.82 lakh including a corpus fund of ₹ 15.00 lakh to ₹ 48.59 lakh including a corpus fund of ₹ 15.00 lakh and vide notification number S.O. 61(E) dated the 22nd January, 2003 the estimated cost was further enhanced from ₹ 48.59 lakh including a corpus fund of ₹ 15.00 lakh to ₹ 48.59 lakh including a corpus fund of ₹ 24.48 lakh; And whereas the said project or scheme is likely to extend beyond fifteen 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 and reducing the approved cost from ₹ 48.59 lakh including a corpus fund of ₹ 24.48 lakh to ₹ 38.80 lakh; 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 Construction of building, purchase of equipments and running of school for vocational training/rehabilitation of hearing handicapped children at Adipur, Kutch, Gujarat which is being carried out by Mata Lachmi Rotary Charitable Society, Station Road, Adipur, Kutch - 370205, as an eligible project or scheme for a further period of three years commencing with financial year 2012-13 i.e. 2012-13, 2013-14 2014-15; (b) further amends the said notification number S.O. 698(E) dated the 3rd October, 1997, to the following effect, namely :- In the said notification, in the Table against serial number 2, in column (4) relating to minimum amount of cost to be allowed as deduction under section 35AC of the Income-tax Act, 1961 for the letters, figures and words '₹ 48.59 lakh including a corpus fund of ₹ 24.48 lakh', the letters, figures and word '₹ 38.80 lakh' shall be substituted. [F.NO. V- 27015/4/2012-SO(NAT.COM)]