Notification u/s 35AC - Notifies the scheme Socio-Economic development of rural areas through leveraging of resources income generation for poor, wasteland and management and networking and linkages - 48/2012 - Income Tax

Notification No. 48/2012 Dated : 14.05.2012 S.O. 1081 (E)- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S. O. 373(E), dated 19th March, 2004, 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 6, Socio-Economic development of rural areas ill rough leveraging of resources income generation for poor, wasteland and management and networking and linkages by ACIL Navasarjan Rural Development Foundation (AnaRDe Foundation), C/o Aegis Logistics Ltd., 4th Floor, Baldota Bhavan, 117, M.K. Road, Mumbai-400 020, as an eligible project or scheme for a period of three years beginning with the financial year 2003-04, which was extended further vide notification number S. O. 1828(E), dated 26th October, 2006, for a period of three years beginning with the financial year 2006-07 and which was extended further vide notification S. O. No. 2045(E), dated 6th August 2009 , a period of three years beginning with the financial year 2009-10; And whereas the said project or scheme is likely to extend beyond nine 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 amending the project cost from ₹ 10 crore to ₹ 13.04 crore ; 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 Socio-Economic development of rural areas through leveraging of resources income generation for poor, wasteland and management and networking and linkages which is being carried out by ACIL Navasarjan Rural Development Foundation (AnaR De Foundation), C/o Aegis Logistics Ltd., 4th Floor, Baldota Bhavan, 117, M. K. Road, Mumbai - 400 020, as an eligible project or scheme for a further period of three years beginning with the financial year 2012-13, i.e., 2012-13, 2013-14 and 2014-15. (b) further amends the said notification number S. O. 373(E), dated 19th March, 2004, to the following effect, namely: In the said notification, in the Table against serial number 8, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC of the Income-tax Act, 1961 for the letters, figures and word ₹ 10 crore the letters, figures and word ₹ 13.04 crore shall be substituted. [F. No. V. 27015/2/2012-SO (NAT. COM.)]