Section 35AC - Eligible projects or schemes - Integrated Rural Development Project - Akurdi, Pune - 011/2009 - Income Tax

Section 35AC - Eligible projects or schemes - Integrated Rural Development Project - Akurdi - Pune NOTIFICATION NO. 11/2009 DATED 22-3-2010 S.O. 644(E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 878(E), dated 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-411035, as an eligible project or scheme for a period of three years beginning with assessment year 1993-94, 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 1996-97, which was extended further vide notification number S. 0.438(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 2002-03 and 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 2004-05; 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. 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 11th 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. 2604(E), dated 14-10-2009 the project cost was further enhanced from 704.14 lakh to 821.80 lakh; And, whereas, the said project or scheme is likely to extend beyond eighteen 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 amending the project cost from 821.80 lakhs to 1219.80 lakhs; 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 Integrated Rural Development Project being carried out by Jankidevi Bajaj Grham Vikas Sanstha, C/o Samaj Seva Kendra, Survey No. 4272, Behind Akurdi Post Office, Akurdi, Pune-411035, for a period of three years beginning with financial year 2010-11, i.e., 2010-11, 2011-12 2012-13. (b) further 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 (4) relating to maximum amount of cost to be allowed as deduction under Section 35AC , for the letters, figures and word 821.80 lakhs , the letters, figures and word 1219.80 lakhs shall be substituted. [F.No.V-27015/5/2009-SO(NAT. COM)]