Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Digging of tube-wells for providing potable drinking water, repairing of schools in Keonjhar District of Orissa by Tata Sponge Iron Limited - 113/2007 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Digging of tube-wells for providing potable drinking water, repairing of schools in Keonjhar District of Orissa by Tata Sponge Iron Limited NOTIFICATION NO. 113/2007, DATED 29-3-2007 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 97(E), dated the 11 th February, 1999, 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 specified at serial number 2, for Digging of tube-wells for providing potable drinking water, repairing of schools, promotion/improvement of agricultural activities and providing medical facilities in various villages in Keonjhar District of Orissa by Tata Sponge Iron Limited, P.O. Joda, Distt. Keonjhar, Orissa, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000, which was extended further vide notification number S.O.1270(E), dated the 28 th December, 2001 for a period of three years beginning with assessment year 2002-03 which was extended further vide notification number S.O.794(E) dated the 5 th July, 2004 for a period of three years beginning with financial year 2004-05; AND WHEREAS vide notification number S.O. 1270(E), dated the 12 th December, 2001 the estimated cost was enhanced from Rs. 10.00 lakhs to Rs.30.00 lakhs and vide notification number S.O.384 (E), dated the 23 rd March, 2005 the estimated cost was enhanced from Rs. 30.00 lakhs to Rs. 56.00 lakhs, 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 specifying the such project or scheme for a further period of three years and enhancing the project cost from Rs. 56.00 lakhs to Rs. 166.00 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 specifies the scheme or project for Digging of tube-wells for providing potable drinking water, repairing of schools, promotion/improvement of agricultural activities and providing medical facilities in various villages in Keonjhar District of Orissa, which is being carried out by Tata Sponge Iron Limited, P.O. Joda, Distt. Keonjhar, Orissa as an eligible project or scheme for a further period of three years commencing from the financial year 2007-08; and (b) further amends the said notification number S.O.97(E), dated the 11 February, 1999, to the following effect, namely:- In the said notification, in the Table against serial number 2, in column (4), relating-to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word "Rs.56.00 lakhs", the letters, figures and word "Rs. 166.00 lakhs" shall be substituted. [F.No.NC-274/3/2007]