Exemption u/s 35AC - Central Government had specified the land development, construction, furnishing, installation of equipment and running of Palliative Care Centre at Pune, of Cipla Cancer and Aids Foundation, Mumbai as an eligible project or scheme - S. O. 98(E) - Income Tax

Exemption u/s 35AC - Central Government had specified the land development, construction, furnishing, installation of equipment and running of Palliative Care Centre at Pune, of Cipla Cancer and Aids Foundation, Mumbai as an eligible project or scheme NOTIFICATION NO. S. O. 98 ( E ) DATED 11-2-1999 Whereas by Notification No. S.O. 92(E), dated 7th February, 1997, issued under sub-section (1) re-ad with clause ( b ) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 7---land development, construction, furnishing, installation of equipment and running of Palliative Care Centre at Pune, Maharashtra of Cipla Cancer and Aids Foundation, C/o. Cipla Limited, Mumbai Central, Mumbai-400 080, as an eligible project or scheme for a period of three years beginning with the assessment year 1997-98 ; And whereas by Notification No. S.O. 834(E), dated 18th September, 1998, the corpus fund was enhanced from Rs. 300 lakhs to Rs. 500 lakhs. And whereas the said project or scheme is likely to extend beyond three years; And whereas the National Committee, 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; 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 specifies the scheme or project of land development, construction, furnishing, installation of equipment and running of Palliative Care Centre at Pune, Maharashtra, which are being carried out by Cipla Cancer and Aids Foundation, C/o. Cipla Limited, Mumbai Central, Mumbai-400 080, at the estimated cost of rupees seven crores fifteen lakhs as an eligible project or scheme for a further period of three assessment years commencing from the assessment year 2000-2001. [No. 10788/F. No. NC-132/98]