U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On –Srinivasan Services Trust, Chennai - 127/2013 - Income Tax

NOTIFICATION NO. 127/2013 DATED 27-12-2013 S.O. 3878(E) - WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.267(E) dated the 23rd March, 2000, 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, Rural Development Projects at 30 Villages of Tamilnadu, Karnataka and Maharashtra by Srinivasan Services Trust, Jayalakshmi Estates, 8, Haddows Road, Chennai - 600006, as an eligible project or scheme for a period of three years beginning with assessment year 2000-01, which was extended further vide notification number S.O.1116(E) dated the 24th October, 2002 for a period of three years beginning with assessment year 2003-04 and which was extended further vide notification number S.O.509(E) dated the 4th April, 2006 for a period of three years beginning with financial year 2006, which was extended further vide notification number S.O.242(E) dated 21st January, 2009 for a period of three years beginning with the financial year 2008-09; which was extended further vide notification number S.O. 1390(E) dated 14.06.2011 for a period of three years ending with financial year 2013-14; AND WHEREAS by notification number S.O.896(E) dated the 5th August, 2003 the inclusion of 8 villages, namely, Khhakondapalli, Mookandapalli, Mathigiri, Belagondapalli, Bethlapalli, Padi, Vanagaram and Mappedu in the approved project; and vide notification number S.O.242(E) dated 21st January, 2009 the estimated cost was enhanced from ₹ 7.00 crore to 8.50 crore; and the project name was changed from Rural Development project to Rural Development and aforestation ; and vide corrigendum number S.O. 2716(E) dated 28.10.2009 the number of beneficiaries was increased from 17 to 30; AND WHEREAS vide notification number S.O. 1390(E) dated 14.06.2011 , the project cost was enhanced from ₹ 850.00 lakh to ₹ 12.85 crore; AND WHEREAS the said project or scheme is likely to extend beyond fifteen years; 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 extending the said project or scheme for a further period of three years and enhancement in the project cost. 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), - (a) hereby notifies the scheme or project Rural Development Projects at 30 Villages of Tamilnadu, Karnataka and Maharashtra , which is being carried out by Srinivasan Services Trust, Jayalakshmi Estates, 8, Haddows Road, Chennai - 600006 for a further period of three years commencing with financial year 2014-15 i.e. 2014-15, 2015-16 and 2016-17. (b) further amends the said notification number S.O.267(E) dated the 23rd March, 2000 (read with notification number S.O.242(E) dated 21st January, 2009 and notification number S.O. 1390(E) dated 14.06.2011 ), to the following effect, namely:- In the said notification, in the Table against serial number 8, in column (4), relating to maximum cost to be allowed as deduction under section 35AC, for the letters, figures and words Rs.12.85 crore the letters, figures and words Rs.18.95 crore shall be substituted. [F.NO.27015/3/2013-SO (NAT.COM)]