U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Shantilal Shanghavi Foundation, Maharashtra - 39/2014 - Income Tax

NOTIFICATION NO. 39/2014 DATED 31-7-2014 S.O. 1962(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2545(E) dated 06.10.2009 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 18, Treatment of Cancer, Kidney Failure (dialysis) and Eye diseases for Tribal by Shantilal Shanghavi Foundation, FP-145, Ram Mandir Road, Vile Parle (East), Mumbai-400 057, Maharashtra , as an eligible project or scheme, at the estimated cost of ₹ 10.29 crore, for a period of three years ending with financial year 2011-12, which was further extended vide notification number S.O. 479(E) dated 16.3.2012 for a period of three years ending Financial year 2014-15; And whereas vide notification number S.O. 479(E) dated 16.3.2012 the project cost was enhanced from ₹ 10.29 crore to ₹ 19.77 crore by amending notification number S.O. 2545(E) dated 06.10.2009 and subsequently vide notification number S.O. 652(E) dated 12.3.2013 the project cost was enhanced from ₹ 19.77 crore to ₹ 24.77 crore again by amending notification number S.O. 2545(E) dated 06.10.2009 ; And whereas the said project or scheme is likely to extend beyond 6 years; And whereas the project cost is likely to enhance from ₹ 24.77 crore to ₹ 69.15 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 two years, i.e., 2015-16 and 2016-17 and also enhancing the project cost from ₹ 24.77 crore to ₹ 69.15 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 (i) notifies the scheme or project Treatment of Cancer, Kidney Failure (dialysis) and Eye diseases for Tribal , which is being carried out by Shantilal Shanghavi Foundation, FP 145, Ram Mandir Road, Vile Parle (East), Mumbai 400 057, Maharashtra , for a further period of two years commencing with financial year 2015-16, i.e., 2015-16 and 2016-17 and (ii) amends the said notification number S.O. 2545(E) dated 06.10.2009 (as amended vide notification number S.O. 479(E) dated 16.3.2012 and S.O. 652(E) dated 12.3.2013 ), to the following effect, namely :- 'In the said notification, in the Table against serial number (3), 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. 24.77 crore , the letters, figures and words Rs. 69.15 crore , shall be substituted'. [F.NO.V.27015/1/2014-SO(NAT.COM)]