Exemption u/s 35AC - Central Government had specified for renovation and updating of existing K. J. Mehta T. B. Hospital by Shri K.J. Mehta T. B. Hospital, Gujarat, as an eligible project or scheme - Amendment in Notification No. S. O. 194(E), dated 13th March, 1995 - 288(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for renovation and updating of existing K. J. Mehta T. B. Hospital by Shri K.J. Mehta T. B. Hospital, Gujarat, as an eligible project or scheme - Amendment in Notification No. S. O. 194(E), dated 13th March, 1995 NOTIFICATION NO. 288(E) DATED 28-3-2001 Whereas by notification of the Government of India in the Ministry of Finance No. S. O. 194(E), dated 13th March, 1995, issued under 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 4, for renovation and updating of existing 747 bedded K. J. Mehta T. B. Hospital including additions, alterations and roads and furnishing-replacement of old furniture-staff quarters and construction of new staff quarters at Amargarh and equipment for hospital and conducting' 75 T. B. diagnostic camps at dis trict Bhavnagar, Gujarat, by Shri K.J. Mehta T. B. Hospital, Amargarh-364 210, District Bhavnagar, Gujarat, as an eligible project or scheme for a period of three years beginning with the assessment year 1995-96 which was extended further vide Notification No. S. O 265(E), dated March 27, 1997, for a period of three years beginning with the assessment year 1998-99 ; And whereas the said project or scheme is likely to extend beyond six years ; And whereas the National Committee has being satisfied that the project or scheme is being executed properly, made a further recommendation under sub-rule (5) of rule 11 M of the Income-tax Rules, 1962, for specifying the said project or scheme for a further period of three years and amending the project cost from Rs. 319.60 lakhs to Rs. 419.60 lakhs ; 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 specifies the scheme or project for renovation and updating of existing 747 bedded K. J. Mehta T. B. Hospital including additions, alterations and roads and furnishing-replacement of old furniture-staff quarters and construction of new staff quarters at Amargarh and equipment for hospital and conducting 75 T. B. diagnostic camps at district Bhavnagar, Gujarat, which is being carried out by Shri K. J. Mehta T. B. Hospital, Amargarh-364 210, District Bhavnagar, Gujarat, as an eligible project or scheme for a further period of three years beginning with the assessment year 2001-2002 ; and ( b ) further amends the said Notification No. S. O. 194(E), dated 13th March, 1995, to the following effect, namely : In the said notification, in the table, against serial number 4, in column (4) relating to the maximum amount of cost to be allowed as deduction under section 35AC for the letters, figures and word "Rs. 319.60 lakhs", the letters, figures and word "Rs. 419.60 lakhs" shall be substituted. [No. 88-2001-F. No. N. C. 123-2000]