U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On –Sankara Eye Hospital, Tamilnadu - 84/2015 - Income Tax

NOTIFICATION NO. 84/2015 DATED 11-2-2015 S.O. 454(E) - Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 2370(E) dated 3rd October, 2008 , 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 notified at serial number 4, ''Kannoli - Vision Saver by ''Sankara Eye Hospital, No.1, Third Cross Street, Sri Sankara Nagar, Pammal, Kanchipuram district, Chennai 600075, Tamilnadu , as an eligible project or scheme for a period of three years beginning with financial year 2008-09 and which was further extended vide notification number S.O. 2881(E) dated 27.12.2011 for a period of three years ending with financial year 2013-14; And whereas the said project or scheme is likely to extend beyond six years; And whereas the project cost is likely to enhance from ₹ 12.25 crore including a corpus fund of ₹ 10 crore' to 'Rs. 20 crore including a corpus fund of ₹ 15 crore' and also extension of area of work to the State of Odisha; 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 amending the project cost from 'Rs. 12.25 crore including a corpus fund of ₹ 10 crore' to 'Rs. 20 crore including a corpus fund of ₹ 15 crore' and also extension of area of work to the State of Odisha; 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 Kannoli - Vision Saver which is being carried out by Sankara Eye Hospital, No. l, Third Cross Street, Sri Sankara Nagar, Pammal, Kanchipuram district, Chennai 600075, Tamilnadu , as an eligible project or scheme for a further period of three years commencing with the financial year 2014-15, i.e., 2014-15, 2015-16 and 2016-17; and (b) further amends the said notification number S.O. 2370(E) dated 3rd October, 2008 , to the following effect, namely :- In the said notification, in the Table against serial number 4, in column (3) the area of work is extended to State of Odisha also under the project ''Kannoli - Vision Saver , and in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC , for the letters, figures and words ''Rs. 12.25 crore including a corpus fund of ₹ 10 crore'', the letters, figures and words ''Rs. 20 crore including a corpus fund of ₹ 15 crore shall be substituted. [F.NO.V.27015/3/2014-SO(NAT.COM)]