SECTION 35AC, READ WITH EXPLANATION (b) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – ISKCON FOOD RELIEF FOUNDATION, MUMBAI
NOTIFICATION NO. 15/2014 [F.NO.V.27015/1/2014-SO(NAT.COM)]/SO 1938(E), DATED 31-7-2014
Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. No. 2302 (E) dated 3.10.2011 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 6, “Mid Day Meal Project in Jharkhand” by “Iskcon Food Relief Foundation, Hare Krishna Land, Juhu, Mumbai-400049”, as an eligible project or scheme, at the estimated cost of Rs. 21.16 crore for a period of three years ending with financial year financial year 2013-14;
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. 21.16 crore to Rs. 39.28 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 specifying the said project or scheme for a further period of three years and also enhancing the project cost from Rs. 21.16 crore to Rs. 39.28 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; (i) notifies the scheme or project “Mid Day Meal Project in Jharkhand” which is being carried out by “Iskcon Food Relief Foundation, Hare Krishna Land, Juhu , Mumbai – 400049”, for a further period of three years commencing with financial year 2014-15, i.e., 2014-15, 2015-16 and 2016-17; and (ii) amends the said notification number S.O. No. 2302 (E) dated 3.10.2011, 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 35 AC, for the letters, figures and words “Rs. 21.16 crore”, the letters, figures and words “Rs. 39.28 crore” shall be substituted’.