U/s. 35AC, IT ACT, 1961 - Eligible Projects or Schemes, Expenditure On - Aravali Vikas Mandal, Parel, Mumbai - S.O. 1232(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 5/2016 New Delhi, the 29th March, 2016 S.O. 1232(E). -Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O.1045(E) dated the 18th October, 2001 , 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 specified at serial number 1, for Construction of building, residential quarters for staff, purchase of equipments/machines, furnishing of Aravali Medical and Research Centre at Aravali, District Sindhidurg, Maharashtra by Aravali Vikas Mandal, 302, Maitri Cooperative Housing Society, Golangi Mill Road, Parel, Mumbai-400012 as an eligible project or scheme for a period of three years beginning with assessment year 2002-2003; which was extended further vide notification number S.O.144(E) dated the 3rd February, 2006 for a period of one year beginning with assessment year 2005-2006 and which was further extended vide notification number S.O.238(E) dated 15.02.2007 for a period of three years commencing with financial year 2006-07 and which was extended further vide notification S.O.No.1132 (E) dated 17th May, 2010 for a period of three years beginning with the financial year 2009-10 and which was further extended vide S.O. No. 1069(E) dated 14.05.2012 for a period of three years ending with financial year 2014-15; And whereas the said project or scheme is likely to extend beyond thirteen 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. However, the exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules 2014 ; 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 for Construction of building, residential quarters for staff, purchase of equipments/machines, furnishing of Aravali Medical and Research Centre at Aravali, District Sindhidurg, Maharashtra which is being carried out by Aravali Vikas Mandal, 302, Maitri Cooperative Housing Society, Golangi Mill Road, Parel, Mumbai-400012, without any change in the approved cost of ₹ 548.90 lakh, as an eligible project or scheme for a further period of three years commencing with the financial years 2015-16 i.e. 2015-16, 2016-17 2017-18. (b). The exemption u/s 35AC will not apply to the funds received under Schedule VII of the Section 135 of the Companies Act and Companies (CSR) Rules 2014. [F. No. V. 27015/1/2016-SO (NAT.COM)] MAKKHAN LAL MEENA, Dy. Secy. (National Committee)