SECTION 35AC, READ WITH EXPLANATION (b) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – JAIPUR RUGS FOUNDATION, RAJASTHAN
NOTIFICATION NO. 11/2014 [F.NO.V.27015/1/2014-SO(NAT.COM)]/SO 1934(E), DATED 31-7-2014
Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.743(E) dated 11.04.2011 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 20, “livelihood creation through carpet weaving” by “Jaipur Rugs Foundation, G-250, Mansarovar Industrial Area, Jaipur-302020 Rajasthan, India”, as an eligible project or scheme, at the estimated cost of Rs.9.97 crore, for a period of three years ending with financial year 2013-14;
And whereas the said project or scheme is likely to extend beyond 3 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 specifying 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 “livelihood creation through carpet weaving”, which is being carried out by “Jaipur Rugs Foundation, G-250, Mansarovar Industrial Area, Jaipur-302020 Rajasthan, India”, without any change in the approved cost of Rs.9.97 crore, for a further period of three years commencing with financial year 2014-15, i.e., 2014-15, 2015-16 and 2016-17.