Exemption u/s 35AC - Central Government had specified for construction of building with modern amenities for Ayurvedic Hospital by Shri Anantlal Tribhovandas Shah Ayurvedic Sarvajanik Hospital, Gujarat, as an eligible project or scheme - 506(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction of building with modern amenities for Ayurvedic Hospital by Shri Anantlal Tribhovandas Shah Ayurvedic Sarvajanik Hospital , Gujarat , as an eligible project or scheme NOTIFICATION NO. 506(E) DATED 26-5-2000 Whereas by notification of the Government of India in the Ministry of Finance Number S.O. 198(E), dated 12th March, 19985, 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 7, construction of building with modern amenities for Ayurvedic Hospital at Zadeshwar, Gujarat, by Shri Anantlal Tribhovandas Shah Ayurvedic Sarvajanik Hospital, Lal Bazar, A.T. Shah Ayurvedic Hospital Marg, Bharuch-392 001, Gujarat, as an eligible project or scheme 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 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 construction of building with modern amenities for ayurvedic hospital at Zadeshwar, Gujarat, which is being carried out by Shri Anantlal Tribhovandas Shah Ayurvedic Sarvajanik Hospital, Lal Bazar, A.T. Shah Ayurvedic Hospital Marg, Bharuch-392001, Gujarat, at the estimated cost of rupees two crores seventy lakhs plus a corpus fund of rupees one crore only, as an eligible project or scheme for a further period of three years beginning with the assessment year 2001-2002. [No. 11389/F. No. NC-37/2000]