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The Central Board of Direct Taxes modifies Notification No. 15/2015 to update the assessment years and the sanctioned expenditure for an agricultural extension project. The amendment specifies that the assessment years run from the formal issue date of Notification No. 15/2015 until assessment year 2017-18. The sanctioned expenditure is two crore seven lakh rupees for each assessment year from 2015-16 to 2017-18. The authority allows the sanctioned expenditure for the relevant period with effect from 16 February 2015 because the project receives approval from a subsequent date in the financial year 2014-15.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th May, 2021 FORM NO. 3CP
S.O. 1766(E).—The Central Board of Direct Taxes, in exercise of its powers under section 35CCC of the Income-tax Act,1961 (43 of 1961) read with Rules 6AAD and 6AAE of the Income-tax Rules,1962 and in partial modification of the Notification No. 15/2015 dated 16.02.2015, issued vide F.No. 203/30/2014-ITA.II, hereby specifies that Sl.No.7 and Sl.No.8 of said Notification shall be read as below:
7 | Assessment Year(s) for which the agricultural extension project is being notified (not exceeding three years). | From date of formal issue of Notification No.15/2015 (i.e.) 16.02.2015 till A.Y 2017-18. 8. | Total expenses likely to be incurred for the agricultural extension project (other than cost of land or building). | Assessment Year | Sanctioned expenditure (Amount in Rs.) 2015-16 | 2,07,00,000* 2016-17 | 2,07,00,000 2017-18 | 2,07,00,000 *However, as project has been accorded approval from subsequent date in the F.Y. 2014-15, i.e., A.Y. 2015-16, the sanctioned expenditure for the relevant period is to be allowed w.e.f. 16.02.2015.
[Notification No. 48/2021/ F.No. 203/30/2014-ITA.II] PRAJNA PARAMITA, Director Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.
