NOTIFICATION NO. SO 3060(E) [NO.250/2015 (F.NO.V.27015/3/2015-SO (NAT.COM))], DATED 10-11-2015

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

NOTIFICATION NO. SO 3060(E) [NO.250/2015 (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.549(E) dated the 2nd July, 1998, 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, “Construction of building for school, hostel and residence quarters at Village Sola, Daskroi Taluk, District Ahmedabad, Gujarat” by “Shri Apang Abhyudaya Mandal, Sola Gandhinagar Highway, Opp. New High Courts-Sola, Ahmdeabad”, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000, which was extended further vide notification number S.O.570E) dated the 20th June, 2001 for a period of three years beginning with assessment year 2002-2003, which was extended further vide notification number S.O.782(E) dated the 5th July, 2004 for a period of three years beginning with financial year 2004-2005, which was extended further vide notification number S.O.1824(E) dated the 26th October, 2006 for a period of two years beginning with financial year 2007-2008, which was extended further vide notification S.O. No. 851 (E) dated 25th March, 2009 for a further period of three years beginning with the financial year 2009-10 and which was extended further vide notification number S.O. 1088(E) dated the 14.05.2012 for a period of three years ending with financial year 2014-15;

And whereas by notification number S.O.1824(E) dated the 26th October, 2006 the estimated cost was enhanced from Rs. 32.47 lakh to Rs.100.00 lakh;

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

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 “Construction of building for school, hostel and residence quarters at Village Sola, Daskroi Taluk, District Ahmedabad, Gujarat” which is being carried out by “Shri Apang Abhyudaya Mandal, Sola Gandhinagar Highway, Opp. New High Courts-Sola, Ahmdeabad”, without any change in the approved cost of Rs.100.00 lakh, as an eligible project or scheme for a further period of three years beginning with financial year 2015-16 i.e 2015-16, 2016-17 & 2017-18.