Exemption u/s 35AC - Central Government had specified for Integrated Rural Development Project by Jankidevi Bajaj Gram Vikash Sanstha as an eligible project or scheme - Amendment in N. No. S.O. 878(E) dated the 30th November, 1992 - 072/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Integrated Rural Development Project by Jankidevi Bajaj Gram Vikash Sanstha as an eligible project or scheme - Amendment in N. No. S.O. 878(E) dated the 30th November, 1992 Notification No. 72 of 2003, dt. 31st March, 2003 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 878(E) dated the 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 specified at serial number 3 for Integrated Rural Development Project by Jankidevi Bajaj Gram Vikash Sanstha, 55/4, University Road, Aundh, Pune-411007, 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 4th April, 1995 for a period of three years beginning with assessment year 1996-97 which was extended further vide notification number S.O. 438(E) dated 20th May, 1998 for a period of three years beginning with assessment year 1999-2000 and which was amended further vide notification number S.O. 319(E) dated 11th May, 1999 for enhancing the approved cost of Rs. 180.60 lakhs to Rs. 298.60 lakhs only; And whereas the said project or scheme is likely to extend beyond nine years; And whereas, the National Committee, being satisfied that the 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 said project or scheme for further amending the approved cost from Rs. 298.60 lakhs to Rs. 451.46 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 Integrated Rural Development Project by Jankidevi Bajaj Gram Vikash Sanstha, 55/4, University Road, Aundh, Pune-411007; and ( b ) further amends the said notification number S.O. 87E(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 "Rs. 298.60 lakhs" to "Rs. 451.46 lakhs" shall be substituted. [F.No. NC-166/2002]