U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On –Sarvoday Arogya Nidhi, Gujarat - 20/2014 - Income Tax

NOTIFICATION NO. 20/2014 DATED 31-7-2014 S.O. 1943(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 399(E) dated 6.6.1996 issued under 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 7, Eye operation equipment/instruments for Sarvodaya Eye Hospital/Eye Campus Radhanpur, Gujarat and Rajasthan by Sarvoday Arogya Nidhi, Highway, Radhanpur, District Patan, Gujarat -385340 , as an eligible project or scheme, at the estimated cost of ₹ 67 lakh for a period of three years ending with financial year 1999-2000 which was further extended vide notification number S.O. 869(E) dated 21.08.2000 for a period of three years ending with financial year 2002-2003, which was further extended vide notification number S.O. 531(E) dated 9.05.2003 for a period of three years ending with financial year 2005-06, which was further extended vide notification No. S.O. 1825(E) dated 26.10.2006 for a period of three years ending with financial year 2008-09, which was further extended vide notification number S.O. 232 (E) dated 21.01.2009 for a further period of three years ending with financial year 2011-2012, and which was further extended vide notification number S.O. 1089(E) dated 14.5.2012 for a period of three years ending with financial year 2014-15; And whereas vide notification number S.O.232 (E) dated 21.01.2009 , the estimated cost was enhanced from ₹ 67 lakh to ₹ 125 lakh by amending notification number S.O. 399(E) dated 6.6.1996 ; And whereas the said project or scheme is likely to extend beyond 18 years; And whereas the project cost is likely to enhance from ₹ 125 lakh to ₹ 250 lakh; 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 specifying the said project or scheme for a further period of three years and also enhancing the project cost from ₹ 125 lakh to ₹ 250 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) , hereby; i) notifies the scheme or project Eye operation equipment/instruments for Sarvodaya Eye Hospital/Eye Campus Radhanpur, Gujarat and Rajasthan which is being carried out by Sarvoday Arogya Nidhi, Highway, Radhanpur, District Patan, Gujarat - 385340 , for a further period of two years commencing with financial year 2015-16, i.e., 2015-16 and 2016-17; and (ii) amends the said notification number S.O. 399(E) dated 6.6.1996 , to the following effect, namely:- 'In the said notification, in the Table against serial number (3), in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and words Rs.125 lakh , the letters, figures and words Rs.250 lakh shall be substituted'. [F.NO.V.27015/1/2014-SO(NAT.COM)]