U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Sri Chaitanya Seva Trust, Maharashtra - 89/2015 - Income Tax

NOTIFICATION NO. 89/2015 DATED 11-2-2015 S.O. 459(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2302(E) dated 3.10.2011 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 8, ''Barsana Community Health Centre Project by Sri Chaitanya Seva Trust, Bhativedanta Hospital Srishti Complex, Bhaktivedanta Swami Marg, Mira Road, (E), District Thane - 401 107 Maharashtra , as an eligible project or scheme, at the estimated cost of ₹ 582.17 lakh, for a period of three years ending with financial year 2013-14 and which was further extended vide notification number S.O. 1977(E) dated 31 st July, 2014 for a period of three years ending with financial year 2016-17; And whereas the project cost of ₹ 582.17 lakh is likely to be amended as ₹ 582.17 lakh, which includes cost of construction, equipment and facility creation of ₹ 200 lakh and a corpus fund of ₹ 50 lakh ; 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 amending the project cost of ₹ 582.17 lakh, which includes cost of construction, equipment and facility creation of ₹ 200 lakh and a corpus fund of ₹ 50 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 amends the said notification number S.O. 2302(E) dated 3.10.2011 , 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 35 AC, for the letters, figures and words Rs. 582.17 lakh , the letters, figures and words Rs. 582.17 lakh, which includes cost of construction, equipment and facility creation of ₹ 200 lakh and a corpus fund of ₹ 50 lakh'' shall be substituted'. [F.NO.V.27015/3/2014-SO(NAT.COM)]