Notification No.260/2015 [F.No.V.27015/3/2015-SO(NAT.COM)] / SO 3070(E)

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

NOTIFICATION NO. SO 3070(E) [NO.260/2015 (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. 2366(E) dated 4.10.2012 issued under 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 21, "Extension of Nour Charitable Hospital and Research Center" by "Jamia Islamia Ishaatul Uloom, Amlibari Molgi Road, A/P. Akkalkuwa - 425 415, District Nandurbar, Maharashtra", as an eligible project or scheme, at the estimated cost of Rs. 18.81 crore for a period of three years ending with financial year 2014-15;

And whereas the said project or scheme is likely to extend beyond 3 years;

And whereas the project cost is likely to enhance from Rs. 18.81 Crore to 43.15 crore;

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 amending the project cost from Rs. 18.81 Crore to 43.15 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 notifies the scheme or project "Extension of Nour Charitable Hospital and Research Center", which is being carried out by "Jamia Islamia Ishaatul Uloom, Amlibari Molgi Road, A/P. Akkalkuwa - 425 415, District Nandurbar, Maharashtra", 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. 2366(E) dated 4.10.2012, to the following effect, namely :—

In the said notification, in the Table against serial number 21, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC of Income Tax Act, 1961, for the letters, figures and word "18.81 Crore", the letters, figures and word "Rs. 43.15 crore" shall be substituted.

■■