Notification No.263/2015 [F.No.V.27015/3/2015-SO(NAT.COM)] / SO 3073(E)

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

NOTIFICATION NO. SO 3073(E) [NO.263/2015 (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 No.1860 (E) dated 11.08.2011 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 3, "Extension project for the expansion and maintenance of present activities in vocational courses and girls hostel vocational training course" by "Jamia Islamia Ishaatul Uloom, Amlibari Molgi Road, A/P Akalkuwa, District Nandurbar, Maharashtra 425 415", as an eligible project or scheme, at the estimated cost of Rs. 14.72 crore including Rs. 2 crore as a corpus fund for a period of three years ending with financial year 2013-14 and which was extended further vide notification number S.O. 1474(E) dated the 4.6.2015 for a period of three years ending with financial year 2016-17;

And whereas the project cost is likely to enhance from Rs. 14.72 crore including Rs. 2.00 crore as a corpus fund to Rs. 40.84 crore including Rs. 2 crore as a corpus fund;

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 amending the project cost from Rs. 14.72 crore including Rs. 2.00 crore as a corpus fund to Rs. 40.84 crore including Rs. 2 crore as a corpus fund;

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 "Extension project for the expansion and maintenance of present activities in vocational courses and girls hostel vocational training course", which is being carried out by "Jamia Islamia Ishaatul Uloom, Amlibari Molgi Road, A/P Akalkuwa, District Nandurbar, Maharashtra 425 415", further amends the said notification number S.O. 1860 (E) dated 11.08.2011, 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 of 35AC of Income Tax Act, 1961 for the letters, figures and word "Rs. 14.72 crore including Rs. 2.00 crore as a corpus fund" the letters, figures and word "Rs. 40.84 crore including Rs. 2 crore as a corpus fund" shall be substituted.

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