Exemption u/s 35AC - Central Government had specified for construction, equipments, furnishing and running of Smt. Lakshmi Shah Rural Medical and Research Centre, by Smt. Lakshmi and Shri Janki Lal Shah Foundation, Bombay, as an eligible project or scheme - S.O.1053(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction, equipments, furnishing and running of Smt. Lakshmi Shah Rural Medical and Research Centre, by Smt. Lakshmi and Shri Janki Lal Shah Foundation, Bombay , as an eligible project or scheme NOTIFICATION NO. S.O.1053(E) DATED 18-10-2001 Whereas by notification of the Government of India in the Ministry of Finance No. S.O. 973(E), dated the 14th December, 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 construction, equipments, furnishing and running of Smt. Lakshmi Shah Rural Medical and Research Centre, by Smt. Lakshmi and Shri Janki Lal Shah Foundation, 9, Naples, Sobani Road, Cuffe Parade, Bombay-400 005, as an eligible project or scheme for a period of three years beginning with the assessment year 1996-1997 which was extended further Notification No. S.O. 688(E), dated 11th August, 1998, 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 six 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, equipments, furnishing and running of Smt. Lakshmi Shah Rural Medical and Research Centre, which is being carried out by Smt. Lakshmi and Shri Janki Lal Shah Foundation, 9, Naples, Sobani Road, Cuffe Parade, Bombay-400 005, at the estimated cost of rupees two crores only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2002-2003. [No. 334-2001/F.No. N.C-100/2001]