U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Karuna Setu Trust, Gujarat - 100/2013 - Income Tax

NOTIFICATION NO. 100/2013 DATED 27-12-2013 S.O. 3851(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.96(E), dated the 11th February, 1999 , 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 5, Running of hospital, purchase of equipments and welfare activities at Vadnagar, Mehsana District, Gujarat by Karuna Setu Trust, Vadnagar-384355, Gujarat, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000, which was extended further vide notification number S.O. 29(E) dated the 10th January, 2001 for a period of three years beginning with assessment year 2002-03 which was extended further vide notification number S.O.381(E) dated the 19th March, 2004 for a period of three years beginning with financial year 2004-05; which was extended further vide notification number S.O. 1298(E) dated 4th June, 2008 for a period of three financial year 2007-08; and which was further extended vide S.O. No. 1146 (E) dated 17.05.2010 for a period of three years ending with financial year 2012-13. And whereas by notification number S.O.1120(E), dated the 24th October, 2002 the estimated cost was enhanced from ₹ 67.48 lakh to ₹ 142.03 lakh including a corpus fund of ₹ 50.00 lakh; vide notification number S.O.381(E), dated the 19th March 2004 the estimated cost was further enhanced from ₹ 142.00 lakh to ₹ 184.50 lakh including a corpus fund of ₹ 50.00 lakh; vide notification number S.O. 1298(E) dated 4th June, 2008 the estimated cost was further enhanced from ₹ 184.50 lakh including corpus fund of ₹ 50 lakh to ₹ 282.60 lakh including corpus fund of ₹ 50 lakh; and vide notification number S.O. No. 1146 (E) dated 17.05.2010 the estimated cost was further enhanced from ₹ 282.60 lakh including corpus fund of ₹ 50 lakh to 373.60 lakh including corpus fund of ₹ 50 lakh. And whereas the said project or scheme is likely to extend beyond fifteen years; And, whereas, the National Committee for the 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 enhancement in the project cost; 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 Running of hospital, purchase of equipments and welfare activities at Vadnagar, Mehsana District, Gujarat , which is being carried out by Karuna Setu Trust, Vadnagar-384355, Gujarat for a period of three more years beginning with financial year 2013-14 i.e. 2013-14, 2014-15 and 2015-16; (b) further amends the said notification number S.O. 96(E), dated the 11th February, 1999 (read with notification number S.O.1120(E) dated the 24th October, 2002 and notification number S.O.381(E), dated the 19th March 2004 and notification number S.O. 1298(E) dated 4th June, 2008 and notification number S.O. No. 1146 (E) dated 17.05.2010 ), to the following effect, namely:- In the said notification, in the Table against serial number 5, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and words Rs. 373.60 lakh including a corpus fund of ₹ 50 lakh the letters, figures and words Rs.679.20 lakh including a corpus fund of ₹ 50 lakh shall be substituted. [F.NO.27015/3/2013-SO (NAT.COM)]