U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Karuna Trust, Ahmedabad - 102/2015 - Income Tax

NOTIFICATION NO. 102/2015 DATED 11-2-2015 S.O. 472(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.92(E) dated the 2nd February, 1996 , 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 5, Conduct eye operation, polio operation camps, oxygen cylinder seva and ambulance service all over Gujarat by Karuna Trust, 22, Gautam Nagar, Near Naranpura-Railway Crossing, Ahmedabad-13 , as an eligible project or scheme for a period of three years beginning with assessment year 1996-1997, which was extended further vide notification number S.O.57(E) dated the 16th January, 1998 for a period of three years beginning with assessment year 1999-2000; which was extended further vide notification number S.O.539(E) dated the 20th June, 2001 for a period of three years beginning with assessment year 2002-2003; which was extended further vide notification number S.O. 143(E) dated the 2nd February, 2005 for a period of three years beginning with financial year 2004-2005; which was extended further vide notification number S.O.1307(E) dated 4th June, 2008 for a period of three years beginning with financial year 2007-08 and which was further extended vide notification number S.O. 3861(E) dated 27.12.2013 for a period of three years ending with financial year 2015-16; And whereas by notification number S.O.539(E) dated the 20th June, 2001 the estimated cost was enhanced from ₹ 94.00 lakh to ₹ 128.00 lakh; vide notification number S.O.1307(E) dated 4th June, 2008 the estimated cost was enhanced further from ₹ 128.00 lakh to 153.00 lakh and whereas by notification number S.O. 3861(E) dated 27.12.2013 the estimated cost was enhanced from ₹ 153 lakh to ₹ 200 lakh; And whereas the project cost of ₹ 200 lakh is likely to be amended as ₹ 470 lakh including a corpus fund of ₹ 270 lakh; And, whereas, the National Committee for the 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 ₹ 200 lakh to ₹ 470 lakh including a corpus fund of ₹ 270 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. 92(E) dated the 2nd February, 1996 , to the following effect, namely:- 'In the said notification, in the Table against serial number (5), in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and words Rs.200 lakh , the letters, figures and words Rs.470 lakh including a corpus fund of ₹ 270 lakh shall be substituted'. [F.NO.V.27015/3/2014-SO(NAT.COM)]