SECTION 35AC OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES
NOTIFICATION NO. SO 3052(E) [NO.242/2015 (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. 2349(E) dated 28th September, 2010, 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 11, “Livelihoods enhancement of Hardcore Rural & Poor” by “Population & Social Development, 10, Kabi Jassmuddin Path, City Centre, Durgapur-713216, West Bengal”, as an eligible project or scheme for a period of three years beginning with financial year 2010-11;
And whereas by notification number S.O.483(E) dated the 12.03.2013 the estimated cost was enhanced from Rs. 9.00 crore to Rs. 20.58 crore including a corpus fund of Rs. 9.00 crore.
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 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 “Livelihoods enhancement of Hardcore Rural & Poor”, which is being carried out by “Population & Social Development, 10, Kabi Jassmuddin Path, City Centre, Durgapur-713216, West Bengal”, without any change in the approved cost of 20.58 crore including a corpus fund of Rs. 9.00 crore, for a further period of three years commencing with financial year 2013-14, i.e., 2013-14 ,2014-15 & 2015-16. Since the financial years 2013-14 and 2014-15 have already lapsed, no certificate under section 35AC of the IT Act, 1961 would be issued for the financial years 2013-14 and 2014-15;