Exemption u/s 35AC -Approves various institutions as an eligible project or schemes - S.O.229(E) - Income Tax

Exemption u/s 35AC -Approves various institutions as an eligible project or schemes NOTIFICATION NO. S.O.229 ( E ) DATED 17-3-1994 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), the Central Government, on the recommendations of the National Committee, hereby specifies the eligible projects and schemes and estimated cost thereof as mentioned in column (3) of the Table below to be undertaken by the company specifies in the corresponding entry in column (2) of the said table and also specifies in the corresponding entry in column (4) of the said Table, the maximum amount of such cost which may be allowed as deduction under the said section 35AC. TABLE Sl. No. Name of the institution Project or Scheme and estimated cost thereof Maximum amount of cost to be allowed as deduction under section 35AC (1) (2) (3) (4) 1. Swagat Medical and Educa tion Centre, C/o Tushar Agencies, Buta Ram Market, Jammu. Construction of Swagat Medical Centre at Parade Ground, near the Officer of Olympic Association, Jammu, likely to cost ₹ 62 lakhs. Note.-The project shall continue to be an eligible project subject to the conditions that the company shall,-- (a) charge 40 per cent. to 45 per cent. of the exiting market rates for different clinical test for a period of three years; (b) provide free diagnosis for three years to 25 per cent. of the total patients with a family income not exceeding ₹ 12,000 per annum; and (c) allow a rebate of 20 per cent. on the cost of medical treatment for three years to 25 per cent. of the total patients having family income between ₹ 12,000 to ₹ 18,000 per annum. ₹ 62 lakhs 2. Jindal Aluminium Limited, Registered Office and Works, Jindal Nagar, Tumkur Road, Bangalore-560 073 Construction of sub-way No. 4 across the National Highway No.4 (Bangalore-Tumkur Road) at 16th k.m.stone likely to cost ₹ 20 lakhs. ₹ 20 lakhs 2. This notification shall remain in force for a period of one year in relation to the assessment year 1994-95 in respect of project at serial number 2 and for a period of 1 [ three years ] in relation to the assessment years 1994-95 2 [ ,1995-96 and 1996-97 ] in respect of project at serial number 1. [No. 9504/F. No. NC-18/94] ******* Notes 1. Substituted vide NOTIFICATION NO. S.O. 613(E) dated 23-8-1994 before it was read as two years 2. Substituted vide NOTIFICATION NO. S.O. 613(E) dated 23-8-1994 before it was read as and 1995-96