Exemption u/s 35AC - Central Government had specified for Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital of Prashanti Medical Services and Research Foundation, Rajkot as an eligible project or scheme - S. O. 325(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital of Prashanti Medical Services and Research Foundation, Rajkot as an eligible project or scheme NOTIFICATION NO. S. O. 325 ( E ) DATED 11-5-1999 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 193(E), dated 14th March, 1996, 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 specified at serial number 6---Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat, of Prashanti Medical Services and Research Foundation, 205, Trade Centre, 2nd Floor, Sardarnagar Main Road, Rajkot-360 001, as an eligible project or scheme for a period of three years beginning with the assessment year 1997-98: 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 project or scheme of land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat, which are being carried out by Prashanti Medical Services and Research Foundation, 205, Trade Centre, 2nd Floor, Sardarnagar Main Road, Rajkot-360 001, at the estimated cost of rupees eight crores eighty nine lakhs sixteen thousand plus a corpus fund of rupees seven crores only as an eligible project or scheme for a further period of three assessment years commencing from the assessment year 2000-2001. [No. 10921/F. No. NC-39/99]