Notification No. 18/2014, F. No.
133/3/2014-TPL, dated March 21, 2014
S.O. 878
(E): - In exercise of the powers conferred by section 295 read with
section 35CCC of the Income-tax Act, 1961 (43 of 1961), the Central Board of
Direct Taxes hereby makes the following rules further to amend the Income-tax
Rules, 1962, namely:-
1. (1) These
rules may be called the Income-tax (3rd Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the
Income-tax Rules, 1962,-
(a) for
rule 6AAD, the following rule shall be substituted,
namely:-
6AAD. Guidelines
for approval of agricultural
extension project under section 35CCC,-
(1) The
agricultural extension project shall be considered for notification if it
fulfils all of the following conditions, namely:-
(i) the project shall be
undertaken by an assessee for training, education and guidance of farmers;
(ii) the project shall have
prior approval of the Ministry of Agriculture, Government of India; and
(iii) an expenditure (not
being expenditure in the nature of cost of any land or
building) exceeding the amount of twenty-five lakh rupees is expected to be
incurred for the project.
(2)
Before undertaking any agricultural extension project, an assessee shall make
an application in Form No.3C-O to the Member (IT),
Central Board of Direct Taxes for notification of such project under
sub-section (1) of section 35CCC.
(3) The application referred to in sub-rule (2) shall be
accompanied by the following, namely:-
(a) a detailed
note on the agricultural extension project to be undertaken by the assessee;
(b) details of the expenditure
expected to be incurred on the project and expected date of completion of the
project; and
(c) a letter approving the
project and specifying the amount of expenditure expected to be incurred on the
project from the Ministry of Agriculture, Government of India.
(4) Where
any defect is noticed in the application referred to in sub-rule (2) or a
relevant document is not attached thereto, the Central Board of Direct Taxes
shall, before the expiry of the month from the date of receipt of the
application in its office, intimate the defect to the applicant for its
rectification.
(5) The
applicant shall remove the defect within a period of fifteen days from the date
of such intimation or within such further period as may be extended by the
Central Board of Direct Taxes, on an application made
in this behalf by the applicant, so however, that the total period for removal
of defect does not exceed thirty days, and if the applicant fails to remove the
defect within such period as allowed, the Central Board of Direct Taxes shall
pass an order treating the application as invalid.
(6) If
the application form is complete in all respects, the
Central Board of Direct Taxes shall, within a period of one month from the end
of the month in which it receives the application form complete in all
respects, issue under sub-section (1) of section 35CCC, a notification in form
No. 3CP to be published in Official Gazette specifying the agricultural
extension project, subject to the conditions mentioned in rule 6AAE or such
other conditions, as it may deem fit, to be effective for such period not
exceeding three assessment years.
(7) The
assessee, may, atleast two months before the expiry of the effective period of
the notification issued under sub-rule (6), make an application to the Central
Board of Direct Taxes for notification of such project for a further period.
(8) the
Central Board of Direct Taxes shall, after receiving the application under sub-rule
(7), call for a report from the Commissioner of Income-tax or the Director of
Income-tax, as the case may be, having jurisdiction over the case regarding the
activities of the agricultural extension project during the period of
notification and fulfillment of conditions mentioned in rule 6AAE and any other
conditions subject to which the agricultural extension project was notified
under sub-rule (6).
(9) On
being satisfied with the report received under sub-rule (8) on the agricultural
extension project, the Central Board of Direct Taxes may, within a period of
three months from the end of the month in which it receives application
referred to in sub-rule (7), notify the said project for a further period not
exceeding three assessment years.
(10) A
copy of the notification issued under sub-rule (6) or, as the case may be,
under sub-rule (9) shall be sent to the applicant, the Ministry of Agriculture,
Government of India, the Commissioner of Income-tax or the Director of
Income-tax, as the case may be, the Department of Agriculture of the concerned
State and the Agricultural Technology Management Agency of the concerned
District.
(11) The
Central Board of Direct Taxes may, on being satisfied that the assessee has
ceased its activities, or that its activities are not genuine or that its
activities are not being carried out in accordance with all or any of the
relevant provisions of the Act or this rule or rule 6AAE, or its activities are
not being carried out in accordance with all or any of the conditions subject
to which the notification was issued, pass an order for rescission of the
notification issued under sub-rule (6) or sub-rule (9).
(12)
Before any order is passed treating the application as invalid or rejecting it
or rescinding the notification, an opportunity of being heard in the matter
shall be given to the assessee.
(13) A
copy of the order invalidating or rejecting the application or rescinding the
notification shall be sent to the applicant, the Ministry of Agriculture,
Government of India, the Commissioner of Income-tax or the Director of
Income-tax, as the case may be, the Department of Agriculture of the concerned
State and Agricultural Technology Management Agency of the concerned
district.”;
(b) in
rule 6AAE,-
(i) in
sub-rule (2), for the words, brackets, figures and letters “notification issued
under sub-rule (10) or sub-rule (11) of rule 6AAD”, the words, brackets,
figures and letters “notification issued under sub-rule (6) or sub -rule (9) of
rule 6AAD” shall be substituted;
(ii) in
sub-rule (7), for the words, brackets, figures and letters “for appropriate
action as per the provisions of sub-rule (13) of rule 6AAD”, the words,
brackets, figures and letters “for appropriate action as per the provisions of
sub-rule (11) of rule 6AAD” shall be substituted.
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