Notification No. 53/2015 [F.No. 203/21/2015-ITA.II]

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Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Notification
FORM NO. 3CP
li Name, address and PAN of the applicant M/s Marico Limited, Mumbai PAN:-
AAACM7493G |
Title of the agricultural extension project Safflower Agricultural § Extension
Project __--
| 3. Purpose of the agricultural extension | To improve the yield as well as increase project the area under cultivation of safflower crops
4. Reference No. and date of the application F.No. 203/21/2015-ITA.II received on
15.05.2015
<a Date of commencement of the agricultural Already commenced. However, approval extension project shall be effective from the date of issue of formal Notification u/s 35CCC of the
Income Tax Act, 1961 (‘Act’) |
6. Duration of the agricultural extension Ongoing project roject in months
7. Assessment year(s) for which the| From date of formal issue of agricultural extension project is being | Notification till A.Y. 2018-19
___| notified (not exceeding three years) - xa
8. Total expenses likely to be incurred for the | For F.Yr’s 2015-16 applicant has claimed
| agricultural extension project (other than expenses of Rs. 2, 52,49,214/. However,
~ | cost of land or building) ) aS project is being accorded approval from subsequent date in the F.Yr. 2015-
, 16, the expected expenditure for the relevant period would be lesser. As far as F.Yr. 2016-17 and 2017-18 are.
concerned, likely expenditure is Rs.3,
02, 99,056/- and Rs. 3, 63, 58,868/-
respectively,
9, Amount, if any, to be charged from each | NIL
, beneficiary of agricultural extension project.
a 10. _Conditions subject to which the above mentioned agricultural extension project is
. a being notified are as under:
Vel i. The approved entity undertaking agricultural extension project shall maintain parecer ~s parate books of account of the agricultural extension project notified under sub-
! a : section (1) of section 35CCC, and get such books of account audited by an
EL TY accountant as defined in the Explanation below sub-section (2) of section 288.
Ue -+ ii. The audit report referred to in sub-rule (1) shall include the comments of the auditor onthe true and fair view of the books of account mai tained. for (BGciGpltar aly)
j MAA Bg TAL © SXtension roject, the genuineness of the activities of th agricultural extension (gam eye serait Project sien of the conditions specified in the relevant provisions of the Act |
ee 4 / ! |
| afr wee geet ae . \1) { cuore | a the AM CSe |
ere Paani ° is Ls ne A / a ;
Ae BK [tate BPI |

| or the rules or the conditions mentioned in the notification issued under sub-rule (6)
or sub-rule (9) of rule 6AAD.

iii. The approved entity shall not accept any amount from the beneficiaries under the eligible agricultural extension project for training, education, guidance or for any material so distributed for the said purposes.

iv. The approved entity shall not get any direct or indirect benefit from the notified agricultural extension project except the deduction of the eligible expenditure in accordance with the provisions of section 35CCC of the Act, rule 6AAD of the I.T,
Rules, 1962 and this Notification. The approved entity shall also not name any of their agricultural extension project/activity/scheme on the brand name of any of their products.

v. The applicant shall furnish data sheet of farmers who have benefitted from the project to the Ministry of Agriculture.

vi. All expenses other than salary expenditure of regular employees of the company and expenditure in the nature of cost of any land or building, as reduced by the amount received from the beneficiary, if any, incurred wholly and exclusively for undertaking an eligible agricultural extension project shall be eligible for deduction under section
SJ0GCE:

Provided that any expenditure incurred on the agricultural extension project which is reimbursed or reimbursable to the assessee by any person, whether directly or indirectly, shall not be eligible for deduction under section 35CCC.

vii, Where a deduction under this section 35CC of the Act is claimed and allowed for any

_ assessment year, deduction shall not be allowed in respect of such expenditure under any other provisions of the Act for the same or any other assessment year.

viii. The approved entity shall, on or before the due date of furnishing the return of income under sub-section (1) of section 139, furnish the following to the
Jurisdictional PCIT/CIT/PDIT/DIT as the case may be, namely:-

a) the audited statement of accounts of the agricultural extension
Projects for the previous year along with the audit report and amount of deduction claimed under sub-section (1) of section cL" @ RB

b) a note on the agricultural extension project undertaken by it during the previous year and the programme of agricultural extension project to be undertaken during the current year and the financial allocation for such programme; and

c) a certificate from the Ministry of Agriculture, Government of
India, regarding the genuineness of the agricultural extension project undertaken by the assessee during the previous year.

ae ix. Under the project only product neutral training will be given except for a short session on company’s profile and products. Further, the farmers benefitted under the project will have the right to supply Safflower seeds to entity of their choice.
11, The Central Board of Direct Taxes shall withdraw the approval if the approved entity:-
a) has ceased its activities; or b) its activities are not genuine; oF
c) its activities are not being carried out in accordance with all or any of the relevant provisions of the Act or Rules; or d) its activities are not being carried out in accordance with all or any of the conditions subject to which the notification is being issued.
Place: New-Delhi aS d /
Dated: 26/06/2015 at all (Rohit Garg)
Deputy Secretary to the Govt. of India (F.No. 203/ 21/2015-ITA.II)
Notification No. > >. /2015
TH. «
The Manager,
Govt. of India Press,
Mayapuri, New Delhi
Copy forwarded to: mi
1, Marico Limited, 7” Floor, Grande Palladium, 175, CST Road, Kalina, Santacruz (East) Mumbai.
2, Ministry of Agriculture, KrishiBhawan, New-Delhi
3. Pr. Commissioner of Income-tax concerned

4. The Department of Agriculture of the concerned State

5, The Agricultural Technology. Management Agency (ATMA) of the concerned
District(s)

6. Comptroller & Auditor General of India ;

7. Pr. CCIT, Mumbai, with the request to inform the Board about compliance of condition at 10( viii) within 60 days from the due date of filing of return in case of the assessee.

8. Concerned file

9, Ministry of Law & Justice {correction section), New Delhi

20. O/o Pr. DGIT(Systems), New Delhi for placing on the website:

incometaxindia.gov.in
11. ITCC, CBDT (4 coples)
12. Guard File
{Rohit Garg)
Deputy Secretary to the Govt. of India