In exercise of the powers conferred by clause (xii) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the National Dairy Development Board established under section 4 of the National Dairy Development Board Act, 1987 (37 of 1987) for the development of dairy and other agriculture based allied industries and biologicals, subject to the following conditions, namely :
(i) the expenditure, claimed as deductible under the Income-tax Act, 1961 is incurred for the objects and purposes authorized by the National Dairy Development Board Act, 1987 (37 of 1987);
(ii) such expenditure is not in the nature of capital expenditure;
(iii) such expenditure is not eligible for deduction under any other provision of the Income-tax Act, 1961; and
(iv) a separate account of the expenditure claimed under the said clause is maintained by the National Dairy Development Board.
2. This notification shall be applicable with effect from 1st day of April, 2008, that is, for the assessment year 2008-09 and subsequent assessment years.