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INCOME-TAX ACT - Notification No. 64/2009
June, 29th 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. 64/2009 [F.No. NC-274/10/2009]/S.O. 1256(E), Dated 18-5-2009

Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 228(E), dated the 17th March, 1994, 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, Development and extension of educational, medical and sports facilities to rural areas (through construction of school building, centre of education and rooms in schools with provision of equipment, mobile educational van, hospital building with equipment, mobile medical unit and prevention and cure of occupational diseases and ground tracks and auditorium/stadium) in 50 village around Ankleshwar by Ankleshwar Industrial and Rural Development Society, K-1/205, GIDC Industrial Estate, Post Box No. 24, Ankleswar-393002, as an eligible project or scheme for a period of three years beginning with assessment year 1994-1995, which was extended further vide notification number S.O.218(E) dated the 19th March, 1996 for a period of two years beginning with assessment year 1997-1998, which was extended further vide notification number S.O. 216(E), dated the 16th March, 1998 for a period of two years beginning with assessment year 1999-2000, which was extended further vide notification number S.O. 162(E), dated the 23rd February, 2000 for a period of three years beginning with assessment year 2001-2002, which was extended further vide notification number S.O. 894(E), dated the 5th August, 2003 for a period of three years beginning with assessment year 2004-2005 and which was extended further vide notification number S.O.1838(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. 894(E), dated the 5th August, 2003 the estimated cost was enhanced from Rs. 600.00 lakh to Rs. 600.00 lakh including a corpus fund of Rs. 100 lakh;

And whereas the said project or scheme is likely to extend beyond sixteen 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 Development and extension of educational, medical and sports facilities to rural areas (through construction of school building, centre of education and rooms in schools with provision of equipment, mobile educational van, hospital building with equipment, mobile medical unit and prevention and cure of occupational diseases and ground tracks and auditorium/stadium) in 50 village around Ankleshwar being carried out by Ankleshwar Industrial and Rural Development Society, K-1/205, GIDC Industrial Estate, Post Box No. 24, Ankleswar-393002, without any change in the approved cost of Rs. 600.00 lakh including a corpus fund of Rs. 100 lakh, 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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