U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Narayan Seva Sanstha, Rajasthan - 40/2015 - Income Tax

NOTIFICATION NO. 40/2015 DATED 6-1-2015 S.O. 91(E) - Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 862(E) dated the 12th December, 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 Running of Polio Hospital Rehabilitation and Research Centre at Hiran Magri, Sector-4, Udipur, Rajasthan by Narayan Seva Sanstha, Seva Dham , 483, Hiran Magri, Sector-4, Udaipur, Rajasthan -313002 as an eligible project or scheme for a period of three years beginning with assessment year 1998-1999; which was extend further vide notification number S.O. 508(E) dated the 26th May 2000 for a period of three years beginning with assessment year 2001-2002; which was extended further vide notification number S.O. 785(E) dated the 5th July, 2004 for a period of three years beginning with financial year 2003-2004; which was extended further vide notification number S.O. 840E) dated 25th March, 2009 for a period of three year beginning with financial year 2009-10; and which was further extended vide notification number S.O. 2895(E) dated 27.12.2011 for a period of three years ending with financial year 2014-15; And whereas by notification number S.O 785(E) dated the 5th July, 2004 the estimated cost was enhanced from ₹ 2.91 crorre plus a corpus fund of ₹ 2.00 crore to ₹ 10.00 crore plus a corpus fund of ₹ 2.00 crore; vide notification number S.O. 249(E) dated the 15th February, 2007 the estimated cost was further enhanced from ₹ 10.00 crore plus a corpus fund of ₹ 2.00 crore to ₹ 34,23,86,748.00 including a corpus fund of ₹ 2.00 crore and vide notification number S.O 840(E) dated 25th March, 2009 the estimated cost was further enhanced from ₹ 34.23 crore including a corpus fund of ₹ 2 crore to ₹ 64.28 crore including a corpus fund of ₹ 2 crore. And whereas the project cost is likely to enhance from ₹ 64.28 crore including a corpus fund of ₹ 2 crore' to '₹ 104.40 crore including a corpus fund of ₹ 2. 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 11M of the Income-tax Rules, 1962 for enhancing the project cost ₹ 64.28 crore including a corpus fund of ₹ 2 crore' to '₹ 104.40 crore including a corpus fund of ₹ 2 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 amends the said notification number S.O. 862(E) dated the 12th December, 1997 , to the following effect, namely:- 'In the said notification, in the Table against serial number (2), in column (4), relating to . - maximum amount of cost to be allowed as deduction under section 35 AC , for the letters, figures and words ₹ 64.28 crore including a corpus fund of ₹ 2 crore , the letters, figures and words ₹ 104.40 crore including a corpus fund of ₹ 2 crore shall be substituted'. [F.NO.V.27015/3/2014-SO(NAT.COM)]