Notification u/s 35AC - Notifies the scheme Construction and running of J. Watumull Global Hospital & Research Centre at Mount Abu - 52/2012 - Income Tax

Notification No. 52/2012 Dated : 14.05.2012 S.O. 1085 (E)- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S. O. 698(E), dated 3rd October, 1997, 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 8, Construction and running of J. Watumull Global Hospital Research Centre at Mount Abu, District Sirohi, Rajasthan , by Global Hospital Research Centre, 102, Om Shanti, 48, Swastik Society, N.S. Road No. 3, Vile Parle (W), Mumbai-400 003 as an eligible project or scheme for a period of three years beginning with the assessment year 1998-99 which was extended further vide notification number S. O. 863(E), dated 21st September, 2000, for a period of three years beginning with the assessment year 2001-02, which was extended further vide notification number S. O. 1126(E), dated 29th September, 2003, for a period of three years beginning with the assessment year 2004-05, which was extended further vide notification number S. O. 241(E), dated 15th February, 2007 , for a period of three years beginning with the financial year 2006-07 and which was extended further vide notification number S. O. 842(E), dated 25th March, 2009 , for a period of three years beginning with the financial year 2009-10 ; And whereas by notification number S. O. 241(E), dated 15th February, 2007 , the estimated cost was enhanced from ₹ 61.27 lakh plus a corpus fund of ₹ 500.00 lakh to ₹ 1361.27 lakh including a corpus fund of Rs. 500.00 lakh ; And whereas the said project or scheme is likely to extend beyond fifteen 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 and enhancing the project cost from ₹ 1361.27 lakh including a corpus of ₹ 500 lakh to ₹ 3100.00 lakh including a corpus of ₹ 500 lakh ; 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) , (a) hereby notifies the scheme or project, Construction and running of J. Watumull Global Hospital Research Centre at Mount Abu, District Sirohi, Rajasthan which is being carried out by Global Hospital Research Centre. 102, Om Shanti, 48, Swastik Society, N. S. Road No.3, Vile Parle (W), Mumbai-400 003, as an eligible project or scheme for a further period of three years beginning with financial year 2012-13, i.e., 2012-13, 2013-14 and 2014-15. (b) further amends the said notification number S.O. 698(E), dated 3rd October, 1997, to the following effect, namely : In the said notification, in the Table against serial number 8 in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC of the Income-tax Act, 1961 for the letters, figures and word ₹ 1361.27 lakh including a corpus of ₹ 500 lakh the letters, figures and word ₹ 3100.00 lakh including a corpus of ₹ 500 lakh shall be substituted. [F. No. V. 27015/2/2012-SO (NAT. COM.)]