U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On –Bhansali Trust, Mumbai - 27/2015 - Income Tax

NOTIFICATION NO. 27/2015 DATED 6-1-2015 S.O. 78(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.60(E) dated the 22nd January, 2003 , 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, Integrated Rural Development Project by Bhansali Trust, 640-646, Panchratna Mama Parmanand Marg, Mumbai-400004 , as an eligible project or scheme, at the estimated cost of ₹ 12.75 crore, for a period of three years beginning with assessment year 2003-2004; which was extended further vide notification number S.O.1413(E) dated the 4th September, 2006 for a period of two years beginning with financial year 2006-2007; which was extended further vide notification number S.O.1479(E) dated 17th June, 2008 for a period of three years beginning with financial year 2008-09; and which was further extended vide notification number S.O. 853(E) dated 27.4.2011 for a period of three years ending with financial year 2013-14. And whereas by notification number S.O.1479(E) dated 17th June, 2008 the estimated cost was enhanced from ₹ 12.75 crore to 18.94 crore; and vide notification number S.O. 853(E) dated 27.4.2011 the estimated cost was further enhanced from ₹ 18.94 crore to ₹ 32.14 crore; And whereas the said project or scheme is likely to extend beyond eleven years; And whereas the project cost is likely to enhance from ₹ 32.14 crore to ₹ 45.24 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 specifying the said project or scheme for a further period of three years and also enhancing the project cost from 'Rs. 32.14 crore to ₹ 45.24 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 Integrated Rural Development Project , which is being carried out by Bhansali Trust, 640-646, Panchratna Mama Parmanand Marg, Mumbai-400004 for a period of three more years commencing with the financial year 2014-15, i.e., 2014-15, 2015-16 and 2016-17; and (b) further amends the said notification number S.O.60(E) dated the 22nd January, 2003 , to the following effect, namely:- In the said notification, in the Table against serial number 6, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC of Income Tax Act, 1961 , for the letters, figures and word Rs. 32.14 crore the letters, figures and word Rs. 45.24 crore shall be substituted. [F.NO.V.27015/3/2014-SO(NAT.COM)]