U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Gramin Vikas Trust, New Delhi - 07/2015 - Income Tax

NOTIFICATION NO. 07/2015 DATED 6-1-2015 S.O. 58(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.461(E) dated 5.04.2004 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 10, A. Western India Rainfed farming project, B.Eastern India Rainfed farming project by Gramin Vikas Trust, 49-50, Red Cross House, Nehru Place, New Delhi , as an eligible project or scheme, at the estimated cost of ₹ 9 crore for a period of three years ending with financial year 2005-06; which was further extended vide notification S.O.1834(E) dated 26.10.2006 for three more years ending with financial year 2008-09; which was further extended vide notification number S.O.1253 (E) dated 18.05.2009 for three more years ending with financial year 2011-12; and which was further extended vide notification number S.O. 471(E) dated 16.3.2012 for a period of three years ending with financial year 2014-15; And whereas vide notification number S.O. 1469(E) dated 17.06.2008 , the project cost was enhanced from ₹ 9 crore to ₹ 16 crore including a corpus fund of ₹ 5.00 crore; and which was further enhanced vide notification number S.O. 471(E) dated 16.3.2012 from ₹ 16 crore including a corpus fund of ₹ 5.00 crore to ₹ 29 crore including a corpus fund of ₹ 8 crore. And whereas the project cost is likely to enhance from '₹ 29 crore including a corpus fund of ₹ 8 crore' to '₹ 29 crore including a corpus fund of ₹ 10.5 crore'; 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 enhancing the project cost from '₹ 29 crore including a corpus fund of ₹ 8 crore' to' ₹ 29 crore including a corpus fund of ₹ 10.5 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) , hereby anv.ids the said notification number S.O.461(E) dated 5.04.2004 [read with notification numbers S.O.1469(E) dated 17.06.2008 and S.O. 471(E) dated 16.3.2012 ], to the following, effect, namely:- 'In the said notification, in the Table against serial number (10), in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC , for the letters, figures and words ₹ 29 crore including a corpus fund of ₹ 8 crore , the letters, figures and words ₹ 29 crore including a corpus fund of ₹ 10.5 crore shall be substituted'. [F.NO.V.27015/3/2014-SO(NAT.COM)]