Exemption u/s 35AC - notified at serial number 10, "Recycle Recover Reuse of plastic waste in an eco-friendly manner" by Indian Centre for Plastics in the Environment, 2nd Floor, Kushesh Mansion, 22, Cawasji Patel Street and 48/54, Janmabhoomi Marg, Fort Mumbai, as an eligible project or scheme - 098/2009 - Income Tax

Exemption u/s 35AC - notified at serial number 10, "Recycle Recover Reuse of plastic waste in an eco-friendly manner" by Indian Centre for Plastics in the Environment, 2nd Floor, Kushesh Mansion, 22, Cawasji Patel Street and 48/54, Janmabhoomi Marg, Fort Mumbai, as an eligible project or scheme MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi , the 14 th October, 2009 S.O. 2605(E). - Whereas by notification of the Government of India, in the Ministry of finance (Department of Revenue) number S.O.1124(E) dated the 29th September, 2003, 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 10, "Recycle Recover Reuse of plastic waste in an eco-friendly manner" by Indian Centre for Plastics in the Environment, 2 nd Floor, Kushesh Mansion, 22, Cawasji Patel Street and 48/54, Janmabhoomi Marg, Fort Mumbai - 400001, as an eligible project or scheme for a period of three years beginning with assessment year 2004-2005, which was extended further vide notification number S.O.1424(E) dated the 4th September, 2006 for a period of three years beginning with financial years 2006-2007 and which was extended further vide notification number S.O.1262(E) dated the 18 th May, 2009 for a period of three years beginning with financial year 2009-2010; And whereas by notification number S.O.1424(E) dated 4 th September, 2006 the address of the institution was changed; And whereas the said project or scheme is likely to extend beyond nine years; 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-section (5) of rule 11M of the Income-tax Rules, 1962 for enhancing the project cost from Rs.1000.00 lakh to Rs.20.00 crore and amending the address from 2 nd Floor, Kushesh Mansion, 22, Cawasji Patel Street and 48/54, Janmabhoomi Marg, Fort Mumbai - 400001" to Olypmus House, II nd Floor, (near fort house) 25, Raghunath Dajaji Street, fort, Mumbai 400001"; 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 specifies the scheme or project "Recycle Recover Reuse of plastic waste in an eco-friendly manner", which is being carried out by Indian Centre for Plastics in the Environment, 2 nd Floor, Kushesh Mansion, 22, Cawasji Patel Street and 48/54, Janmabhoomi Marg, Fort Mumbai - 400001 (b) further amends the said notification number S.O.1124(E) dated the 29th September, 2003, to the following effect, namely :- In the said notification, in the Table against serial number 10, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35 AC for the letters, figures and word "Rs.1000.00 lakh", the letters, figures and word "Rs.20.00 crore" shall be substituted and in column (1) relating to the name of Institution, for the entry "Indian Centre for Plastics in the Environment, 2 nd Floor, Kushesh Mansion, 22, Cawasji Patel Street and 48/54, Janmabhoomi Marg, Fort Mumbai - 400001" the entry Indian Centre for Plastics in the Environment, 2 nd Floor, Kushesh Mansion, 22, Cawasji Patel Street and 48/54, Janmabhoomi Marg, Fort Mumbai - 400001" shall be substituted. [No. 98/2009/F. No. V-27015/1/2009-SO(NAT.COM)] NAVEEN CHANDRA, Director (National Committee)