Exemption u/s 35AC - Central Government had specified for construction-repair-upgradation of building, purchase of equipments, furnishing and running of hospital, by Shri Kandivali Hitvardhak Mandal, Mumbai, as an eligible project or scheme - S.O.554(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction-repair-upgradation of building, purchase of equipments, furnishing and running of hospital, by Shri Kandivali Hitvardhak Mandal, Mumbai, as an eligible project or scheme NOTIFICATION NO. S.O.554(E) DATED 20-6-2001 Whereas by notification of, the Government of India in the Ministry of Finance No. S.O. 739(E), dark the 10th September, 19997, 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 9, for construction-repair-upgradation of building, purchase of equipments, furnishing and running of hospital, by Shri Kandivali Hitvardhak Mandal, S.V. Road-S. M. Road Corner, Kandivali (West), Mumbai-400067, as an eligible project or scheme for a period of three years beginning with the assessment year 1999-2000; And whereas the said project or scheme is likely to extend beyond three years; And whereas the National Committee has, 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 construction-repair-upgradation of building, purchase of equipments, furnishing and running of hospital, which is being carried out by Shri Kandivali Hitvardhak Mandal, S.V. Road-S.M. Road Corner, Kandivali (West), Mumbai-400067, at the estimated cost of rupees three hundred lakhs including a corpus fund of rupees one hundred lakhs only, as an eligible project or scheme for a further period of three years beginning with the assessment year 2002-2003. [No. 168-2001-F.No. N.C. 61-2001]