SECTION 35AC OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES
NOTIFICATION NO. SO 3453(E) [NO.279/2015 (F.NO.V.27015/4/2015-SO (NAT.COM)], DATED 17-12-2015
Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 2033(E) dated 6th August, 2009, 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 6, “Corpus and recurring fund for Banyan” by “The Banyan, 6th Main Road, Mogapair Eri Scheme, Mogapair West, Chennai – 600 037”, as an eligible project or scheme for a period of three years beginning with financial year 2009-10 and which was extended further vide notification number S.O. No. 630(E) dated 12.3.2013 for a period of three years ending with financial year 2014-15;
And whereas the said project or scheme is likely to extend beyond six 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 “Corpus and recurring fund for Banyan” which is being carried out by “The Banyan, 6th Main Road, Mogapair Eri Scheme, Mogapair West, Chennai – 600 037”, without any change in the approved cost of Rs. 9.5 crore for corpus & Rs.6.00 crore for recurring, as an eligible project or scheme for a further period of three years commencing with the financial year 2015-16 i.e. 2015-16, 2016-17 & 2017-18.