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INCOME-TAX ACT - Notification No. 61/2009
June, 24th 2009

NOTIFICATION

INCOME-TAX ACT

Section 35AC, sub-section (1) read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Notified eligible projects or schemes

Notification No. 61/2009 [F.No. NC-274/10/2009]/S.O. 1253(E), Dated 18-5-2009

Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 461(E), dated the 5th April, 2004, 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 10, (a) Western India Rainfed farming project, (b) Eastern India Rainfed farming project by Gramin Vikas Trust, 49-50, Red Cross House, Nehru Place, New Delhi - 110019, as an eligible project or scheme for a period of three years beginning with financial year 2003-2004 and which was extended further vide notification number S.O. 1834(E), dated the 26th October, 2006 for a period of three years beginning with financial year 2006-2007;

And whereas by notification number S.O.1469(E) dated the 17th June 2008 the estimated cost was enhanced from Rs. 9.60 crore (including a corpus fund of Rs. 5.00 crore) to Rs. 16.00 crore (including a corpus fund of Rs. 5.00 crore);

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 (a) Western India Rainfed farming project, (b) Eastern India Rainfed farming project being carried out by Gramin Vikas Trust, 49-50, Red Cross House, Nehru Place, New Delhi - 110019, without any change in the approved cost of Rs. 16.00 crore (including a corpus fund of Rs. 5.00 crore), as an eligible project or scheme for a further period of three years beginning with financial year 2009-2010 i.e. 2009-2010, 2010-2011 & 2011-2012.

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