Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Pranab Kanya Sangha, Kolkata - F.No.V-27015/1/2012-SO - Income Tax

Notification No.12/2012 F.No.V-27015/1/2012-SO dated 16/03/2012 Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Pranab Kanya Sangha, Kolkata S.O. 467(E)- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 1365(E), dated the 27th November, 2003, 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 8, "Construction building, purchase of furniture, books, sewing machine etc. and running of the porject" by Pranab Kanya Sangha, P.O. HRIDAYUR, Kolkata - 700127, West Bengal, as an eligible project or scheme for a period of three years beginning with assessment year 2004-05, which was extended further vide notification number S.O.1166(E), dated the 16th July, 2007 for a period of three years beginning with financial year 2006-07 and which was extended further vide notification number S.O. 849(E), dated the 25th March, 2009 for a period of three years beginning with financial year 2009-10; 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-rule (5) of rule 11M of the Income-tax Rules, 1962 for extending the said project or scheme for a further period of three year and amending the project cost from Rs. 143.33 lakh including a corpus fund of Rs. 10 lakh to Rs. 3.85 crore of Rs. 60 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 ), hereby notifies the scheme or project "Construction building, purchase of furniture, books, sewing machine etc. and running of the project" which is being carried out by Pranab Kanya Sangha, P.O. HRIDAYUR, Kolkata - 700127, West Bengal, as an eligible project or scheme for a further period of three years commencing with financial year 2012-13 i.e. 2012-13, 2013-14, 2014-15. (b) further amends the said notification number S.O. 1365(E), dated the 27th Novermber, 2003, to the following effect, namely:- In the said notification, in the Table against serial number 8, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC of the Income-tax Act, 1961 (43 of 1961 ), for the letters, figures and word "Rs. 143.33 lakh including a corpus fund of Rs. 10.00 lakh" the letters, figures and word "3.85 crore including a corpus fund of Rs. 60.00 lakhs" shall be substituted.