Notification No.237/2015 [F.No.V.27015/3/2015-SO(NAT.COM)] / SO 3047(E)

SECTION 35AC OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES

NOTIFICATION NO. SO 3047(E) [NO.237/2015 (F.NO.V.27015/3/2015-SO (NAT.COM))], DATED 10-11-2015

Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 2907(E) dated 17th November, 2009, 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 7, "Orphanage Maintenance and Renovation of Building" by 'Manav Mandir Mission Trust, KH –57, Jain Ashram, Ring Road, Sarai Kale Khan, New Delhi 110013', as an eligible project or scheme for a period of three years beginning with financial year 2009-10 and which was extended further vide notification number S.O.631(E) dated the 12th March, 2013 for a period of three years ending with financial year 2014-15;

And whereas the said project or scheme is likely to extend beyond six years;

And whereas the project cost is likely to enhance from Rs. 94.34 lakh to Rs. 239.34 lakh;

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 years and enhancing the project cost from Rs. 94.34 lakh to Rs. 239.34 lakh;

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 "Orphanage Maintenance and Renovation of Building" which is being carried out by "Manav Mandir Mission Trust, KH –57, Jain Ashram, Ring Road, Sarai Kale Khan, New Delhi 110013", as an eligible project or scheme for a further period of three years commencing with financial year 2015-16 i.e 2015-16, 2016-17 & 2017-18 and;

(b) further amends the said notification number S.O. 2907(E) dated 17th November, 2009, to the following effect, namely :—

In the said notification, in the Table against serial number 7, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC, for the letters, figures and word "Rs. 94.34 lakh", the letters, figures and word "Rs. 239.34" shall be substituted.

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