Notification No. 55/2015 [F.No. 203/22/2015-ITA.II]

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Government of India
. Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Notification
FORM NO. 3CP
ae Name, address and PAN of the applicant M/s Avanti Feeds Limited, Hyderabad a a __| PAN:-AABCA7365E x ; |
| 2. Title of the agricultural extension project Avanti Aqua Culture Training and ae _ _ _Development Centre mise
: 3, Purpose of the agricultural extension project « To educate farmers about icant |
| Feed Conversion Ratio (FCR} and have
| H better Average Daily Growth (ADG);
| ¢ To educate them on good pond practices |
so as to increase survival rate and ensure more income; j
* To educate farmers on advantages of mechanization and latest develapments
| ; | of shrimp farming across the globe.
4. __| Reference No. and date of the application F.No. 203/22/2015-ITA.II received on 27.05.2015 |
i 3. Date of commencement of the agricultural extension Already commenced. However, approval shall be |
project effective from the date of issue of formal
Notification u/s 35CCC of the Income-tax Act, |
6. | Duration of the agricultural extension project in | Ongoing project re Assessment year(s) for which the agricultural | From date of formal issue of Notification till |
extension project is being notified (not exceeding 31.03.2018
j___|threeyears) wen Cl
8. Total expenses likely to be incurred for the | For F.yYr's 2015-16, 2016-17 and 2017-18
| agricultural extension project (other than cost of land applicant has claimed expenses of =
; or building} 7,23,66,000/-, % 8,60,35,000/- and #
10,25,80,756/-respectively. However, as far as
F.¥r. 2015-16 is concerned, claim u/s 35CCC shall be reduced as weighted deduction can be allowed a only from Gate of formal issue of notification.
| 9. Amount, if any, to be charged from each beneficiary © NIL
[ ; | of agricultural extension project. 5 | _ |
10. Conditions subject to which agricultural extension project titled ‘Avanti Aqua Culture Training and
Development Centre’ is being notified are as under:
i. The approved entity undertaking agricultural extension project shall maintain separate books of account of the agricultural extension project notified under sub-section (1) of section 35CCC, and get such books of account audited by an accountant as defined in the Explanation below sub-section {2) of section 288.
iy Ff ii, The ak report referred to in sub-rule (1) shall include the comments of the auditor on the true and iis phBe none mo ei eM OF the books of account maintained for agricultural extension project, the genuineness of the wa U activities!of the agricultural extension project and. fulfillment of the conditions specified in the relevant cena ~- provisions of the Act or the rules or the conditions mentioned in the notification issued under sub-rule
Kr: “TTY (6) or sub-rule (9) of rule 6AAD.
oy-iV iit. The appnived entity shall not accept any arnount from the beneficiaries under the eligible agricultural i aR ER for project for training, education, guidance or for any material so distributed for the said rors - N purposes. 'Only the component of expenditure specifically relatable to training, education -ane-guidance
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a) No fees or deposits shall be charged from the trainees:
? 6) No certificate shall be issued to the trainees as a consequence of the said extension project; c) No permanent infrastructure in form of building/college/training institute shall be created under the said project; d) The applicant shall not be affiliated with any university for this project.
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 GAAD of 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. Further, expenditure related to International Exposure visit shall be subject to the following conditions:

a) Only the component of expenditure specifically and exclusively relatable to training, education and guidance of the farmers shall be allowed:

b) Only one foreign training can be imparted to an individual farmer i.e. once foreign training has been given to a individual farmer, he shall be ineligible for subsequent nomination;

c) The foreign training shall be of generic nature unrelated to company’s business;

d) No dealer/retailer of company's product, employee of the company or persons associated with marketing of the product shall be send abroad in the name of training;

e) Only the randomly selected farmers shall be send for training irrespective of their scale of operation;

f) Only one person per family shall be eligible for foreign training during the period of validity of this approval;

g) Expenses preparatory to the foreign tour shall not be borne by the applicant.

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

vi. All expenses (not being expenditure in the nature of cost of any land [including pond cost or lease rental, excavation cost, outlet and catwalk expenses] or building), as reduced by the amount received from beneficiary, if any, incurred wholly and exclusively for undertaking an eligible agricultural extension project shall be eligible for deduction under section 35CCC:

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 35CCC;

b) @ 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.
ix. Under the project only product neutral training will be given except 4 short session on company’s profile
} and products. Further, the farmers benefitted under the project will have the privilege of supplying their
\y produce to any other entity.
A, 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; or c) its activities aré 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.
D
Place: New-Delhi He
Dated: 30/06/2015
(Rohit Garg)
Deputy Secretary to the Govt. of India (F.No. 203/22/2015-ITA.II)
Notification No.5 S 2015
To
The Manager,
Govt. of India Press,
Mayapuri, New Delhi
Copy forwarded to:
1. M/s Avanti Feeds Limited, G-2, Concorde Apartments, 6-3-658, Somajiguda, Hyderabad-
500082 ;
2. Ministry of Agriculture, Krishi Bhawan, New-Delhi
3. Pr. Commissioner of Income-tax concerned
4. The Department of Agriculture of the concemed State
5. The Agricultural Technology Management Agency (ATMA) of the concerned District(s}
6. Comptroller & Auditor General of India
7. Pr. CCIT, A.P. & Telangana, 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
3. Ministry of Law & Justice (correction section), New Delhi ifr O/o Pr. DGIT(Systems), New Delhi for placing on the website: incometaxindia.gov.in
11. ITCC, CBDT (4 copies}
12, Guard File (Rohit Garg}
Deputy Secretary to the Govt. of India