Exemption u/s 35AC of the Income tax act 1961, the central govt. had specified for Western India Rainfed farming project, Eastern India Rain fed farming project" by Gramin Vikas Trust as an eligible project or scheme - Amendment in N. No. S.O. 461(E) dated the 5th April, 2004 - S.O. 1469(E) - Income Tax

Exemption u/s 35AC of the Income tax act 1961, the central govt. had specified for Western India Rainfed farming project, Eastern India Rain fed farming project" by Gramin Vikas Trust as an eligible project or scheme - Amendment in N. No. S.O. 461(E) dated the 5th April, 2004 Notification No. S.O. 1469(E) [F.No. NC-274/09/2008] Dated 17-6-2008 Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 461(E) dated the 5th April, 2004, 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 10, "( a ) Western India Rainfed farming project ( b ) Eastern India Rain fed farming project" by Gramin Vikas Trust, 49-50, Red Cross House, Nehru Place, New Delhi-110 019, as an eligible project or scheme for a period of three years beginning with financial year 2003-04 and which was extended further vide notification number S.O. 1834(E) dated the 26th October, 2006 for a period of three years beginning with financial year 2006-07; And whereas the said project or scheme is likely to extend beyond six 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 said project or scheme for enhancing the project cost from Rs. 9.60 crore to Rs. 16.00 crore; 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 "( a ) Western India Rainfed farming project ( b ) Eastern India Rain fed farming project", which is being carried out by Gramin Vikas Trust, 49-50, Red Cross House, Nehru Place, New Delhi-110 019; ( b ) further amends the said notification number S.O. 461(E) dated the 5th April, 2004, 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 35AC, for the letters, figures and word "Rupees 9.60 crore (including a corpus fund of Rupees 5 crore)", the letters, figures and word "Rs. 16.00 crore" shall be substituted.