SECTION 35AC OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES
NOTIFICATION NO. SO 3457(E) [NO.283/2015 (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. 1237(E) dated the 28th October, 2003, 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 5, “Running of hostel, medical, self-employment projects by Dr. Ambedkar Vanvasi Kalyan Trust” by “Dr. Ambedkar Vanvasi Kalyan Trust, Near Choksi Vadi, Opp. Radha Krishna Temple, Rander Road, Surat, Gujarat – 395009”, as an eligible project or scheme for a period of three years beginning with assessment year 2004-2005 and which was extended further vide notification number S.O. 1160(E) dated the 16th July, 2007 for a period of three years beginning with financial year 2006-2007 and which was extended further vide notification number S.O. 1160 (E) dated 16th July, 2007 for a period of three years beginning with financial year 2009-10 and which was extended further vide notification number S.O. No. 634 (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 twelve 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 “Running of hostel, medical, self-employment projects by “Dr. Ambedkar Vanvasi Kalyan Trust” which is being carried out by “Dr. Ambedkar Vanvasi Kalyan Trust, Near Choksi Vadi, Opp. Radha Krishna Temple, Rander Road, Surat, Gujarat – 395009”, without any change in the approved cost of Rs.275.00 lakh (corpus fund), 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.