SECTION 35AC, READ WITH EXPLANATION (b) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – GRAMIN VIKAS TRUST, NEW DELHI

NOTIFICATION NO. S.O. 471(E) [NO.16/2012(F.NO.V-27015/1/2012-SO (NAT.COM))], DATED 16-3-2012

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 Rainfed farming project” by Gramin Vikas Trust, 49-50, Red Cross House, Nehru Place, New Delhi – 110019, as an eligible project or scheme for a period of three years beginning with financial year 2003-04, 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 which was extended further vide notification number S.O.1253 (E), dated 18th May, 2009 for a period of three years beginning with financial year 2009-10;

And whereas by notification number S.O.1469(E), dated the 17th June, 2008 the estimated cost was enhanced from Rs. 9.60 crore (including a corpus fund of Rs. 5.00 crore) to Rs. 16.00 crore (including a corpus fund of Rs. 5.00 crore);

And whereas the said project or scheme is likely to extend beyond nine 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 extending the said project or scheme for a further period of three years and amending the project cost from Rs. 16.00 crore including the corpus fund of Rs. 5.00 crore to Rs. 29 crore including the corpus fund of Rs. 8 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), hereby notifies the scheme or project “(a) Western India Rainfed farming project, (b) Eastern India Rainfed farming project” which is being carried out by Gramin Vikas Trust, 49-50, Red Cross House, Nehru Place, New Delhi – 110019, as an eligible project or scheme for a further period of three years commencing with the financial year 2012-13 i.e. 2012-13, 2013-14 and 2014-15;

(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 “Rs. 16.00 crore including a corpus fund of Rs. 5.00 crore”, the letters, figures and words “29 crore including a corpus fund of Rs. 8 crore” shall be substituted.