Notification u/s 35AC - Notifies the scheme construction of building furnishing of Aravali Medical and Research Centre - 36/2012 - Income Tax

Notification No. 36/2012 Dated: 14 th May 2012 S.O. 1069(E) - Whereas by notification of the Government of India in the Ministry of Finance, (Department of Revenue), number S. O. 1045(E), dated 18th October, 2001, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act 1961 (43 of 1961) , the Central Government had specified at serial number 1, for construction of building, residential quarters for staff, purchase of equipments/machines, furnishing of Aravali Medical and Research Centre at Aravali, District Sindhidurg, Maharashtra by Aravali Vikas Mandal, 302, Maitri Co-operative Housing Society, Golangi Mill Road, Parel, Mumbai-400 012 as an eligible project or scheme for a period of three years beginning with the assessment year 2002-03 ; which was extended further vide notification number S. O. 144(E), dated February 3, 2006, for a period of one year beginning with the assessment year 2005-2006 and which was further extended vide notification number S. O. 238(E), dated February 15, 2007 for a period of three years commencing with the financial year 2006-07 and which was extended further vide notification S. O. No. 1132(E), dated 17th May, 2010 , for a period of three years beginning with the financial year 2009-10 ; And whereas the said project or scheme is likely to extend beyond ten 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 for construction of building, residential quarters for staff, purchase of equipments/machines, furnishing of Aravali Medical and Research Centre at Aravali, District Sindhidurg, Maharashtra which is being carried out by Aravali Vikas Mandal, 302, Maitri Co-operative Housing Society, Golangi Mill Road, Parel, Mumbai-400 012, without any change in the approved cost of ₹ 548.90 lakh, as an eligible project or scheme for a further period of three years commencing with the financial years 2012-13, i.e., 2012-13, 2013-14 and 2014-15. [F. No. V. 27015/2/2012-SO (NAT. COM.)]