U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Maharaja Agrasen Medical Education & Scientific Research Society, New Delhi - 42/2015 - Income Tax

NOTIFICATION No. 42/2015 New Delhi, the 6th January, 2015 S.O. 93(E).- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.602(E) dated the 12 th August, 1993 , 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 3, Construction of Maharaja Agrasen Hospital at Agroha, District Hisar, Haryana by Maharaja Agrasen Medical Education Scientific Research Society, Dayanand Bhawan, 3/5, Asaf Ali Road, Darya Ganj, New Delhi , as an eligible project or scheme, at the estimated cost of 17.57 crore for a period of three years ending with Assessment year 1994-1995; which was extended further vide notification number S.O.94(E) dated the 2nd February, 1996 for a period of two years ending with assessment year 1997-1998; which was extended further vide notification number S.O.200(E) dated the 12 th March, 1998 for a period of three years ending with assessment year 1999-2000 and the estimated cost was also enhanced from 17.57 crore to 40.00 crore; which was extended further vide notification number S.O.1269(E) dated the 28th December, 2001 for a period of three years ending with assessment year 2002-2003, which was extended further vide notification number S.O.129(E) dated the 2nd February, 2005 for a period of three years beginning with financial year 2004-2005; which was extended further vide notification number S.O. No. 1299(E) dt.4.06.2008 for a period of three years beginning with the Financial Year 2007-08; which was extended further vide notification number S.O. 651(E) dated 25.03.2010 for a period of three years ending with financial year 2012-13 and which was further extended vide notification number 3166(E) dated 17.10.2013 for a period of three years ending with financial year 2015-16; And whereas the project cost is likely to enhance from 40.00 crore to 154.49 crore; 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 enhancing the project cost from 40.00 crore to 154.49 crore. 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 amends the said notification number S.O.602(E) dated the 12th August, 1993 , 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 35 AC , for the letters, figures and words 40.00 crore , the letters, figures and words Rs. 154.49 crore shall be substituted . [F. No. V-27015/3/2014-SO (NAT.COM)] MAKKHAN LAL MEENA, Dy. Secy. (National Committee)