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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. 70/2009 [F.No. NC-274/10/2009]/S.O. 1262(E), Dated 18-5-2009
Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.1124(E), dated the 29th September, 2003, issued under 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. Recycle, Recover, Reuse of plastic waste in an eco-friendly manner by Indian Centre for Plastics in the Environment, 2nd Floor, Kushesh Mansion, 22, Cawasji Patel Street and 48/54, Janmabhoomi Marg, Fort Mumbai - 400001, 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.1424(E) dated the 4th September, 2006 for a period of three years beginning with financial year 2006-2007;
And whereas by notification number S.O.1424(E) dated the 4th September, 2006 the address of the institution was changed;
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 Recycle, Recover, Reuse of plastic waste in an eco-friendly manner being carried out by Indian Centre for Plastics in the Environment, 2nd Floor, Kushesh Mansion, 22, Cawasji Patel Street and 48/54, Janmabhoomi Marg, Fort Mumbai - 400001, without any change in the approved cost of Rs. 1000.00 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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