U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On –Jankidevi Bajaj Gram Vikas Sanstha, Pune - 103/2015 - Income Tax

NOTIFICATION NO. 103/2015 DATED 11-2-2015 S.O. 473(E) - Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.878(E) dated the 30th November, 1992, 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 3, Integrated Rural Development Project by Jankidevi Bajaj Gram Vikas Sanstha, C/o Samaj Seva Kendra, Survey No.4272, Behind Akurdi Post Office, Akurdi, Pune - 411 035 , as an eligible project or scheme for a period of three years beginning with assessment year 1993-1994; which was extended further vide notification number S.O.293(E) dated the 4th April, 1995 for a period of three years beginning with assessment year 1996-1997; which was extended further vide notification number S.O.438(E) dated the 20th May, 1998 for a period of three years beginning with assessment year 1999-2000; which was extended further vide notification number S.O.1384(E) dated the 30th December, 2002 for a period of three years beginning with assessment year 2002-2003; which was extended further vide notification number S.O.789(E) dated the 5th July, 2004 for a period of three years beginning with financial year 2004-2005; which was extended further vide notification number S.O.2400(E) dated the 3rd October, 2008 for a period of two years beginning with financial year 2008-09 to give the applicant time to spend the already collected amount u/s. 35AC without raising further amount during the period; the period was further extended vide notification S.O. No 644(E) dated 22nd March, 2010 for further three years beginning with financial year 2010-11 and which was further amended vide notification number S.O.2410 (E) dated 18.10.2011 for expanding the area of work; which was further extended vide notification number S.O.3148(E) dated 17th October, 2013 for a further period of three years ending with financial year 2015-16; And whereas by notification number S.O.438(E) dated the 20th May, 1998 the estimated cost was enhanced from 118.00 lakh to 180.72 lakh, vide notification number S.O.319(E) dated the 11 May, 1999 the estimated cost was further enhanced from 182.72 lakh to 298.60 lakh and vide notification number S.O.789(E) dated the 5th July, 2004 the estimated cost was further enhanced from 298.60 lakh to 704.14 lakh, vide notification number S.O.No.2604(E) dated 14.10.2009 the project cost was further enhanced from 704.14 lakh to 821.80 lakh, vide notification number S.O.644(E) dated 22nd March, 2010 the estimated cost was further enhanced from 821.80 lakh to 1219.80 lakhs, the project cost was further enhanced from Rs, 1219.80 lakh to 2021.80 lakh vide notification number S.O.3148(E) dated 17th October, 2013; And whereas the project cost is likely to enhance from 2021.80 lakh to 2971.80 lakh and also extension of area of work throughout Maharashtra in addition to existing area, i.e., Pune, Aurangabad, Wardha districts of Maharashtra and Sikar district of Rajasthan; 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 amending the project cost from 2021.80 lakh to 2971.80 lakh and also extension of area of work throughout Maharashtra in addition to existing area, i.e., Pune, Aurangabad, Wardha districts of Maharashtra and Sikar district of Rajasthan for the remaining period of the approval, i.e. upto 31st March, 2016; 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.878(E) dated the 30th November, 1992 , to the following effect, namely :- In the said notification, in the Table against serial number 3, in column (3) the following may be added to the area of work under the project Integrated Rural Development Project , throughout Maharashtra in addition to existing area, i.e., Pune, Aurangabad, Wardha districts of Maharashtra, and Sikar district of Rajasthan and 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. 2021.80 lakh , the letters, figures and words Rs. 2971.80 lakh shall be substituted. [F.NO.V.27015/3/2014-SO(NAT.COM)]