Exemption u/s 35AC - Central Government had specified for the Running of Arpan Eye Bank by Arpan Trust, Bombay as an eligible project or scheme - Amendment in Notification No. S. O. 212(E), dated the 17th March, 1997 - 11495 - Income Tax

Exemption u/s 35AC - Central Government had specified for the Running of Arpan Eye Bank by Arpan Trust, Bombay as an eligible project or scheme - Amendment in Notification No. S. O. 212(E), dated the 17th March, 1997 NOTIFICATION NO. 11495 DATED 21-9-2000 S.O.855(E) - Whereas by notification of the Government of India in the Ministry of Finance number S.O. 839(E) dated the 22nd November, 1994 [published at (1994) 122 CTR (St) 16], 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 12, the Running of Arpan Eye Bank at Ghatkopar(E), Bombay, by Arpan Trust, 2 Poonam, 160, R.B. Mehta Marg, Ghatkopar(E), Bombay-400077, as an eligible project or scheme for a period of three years beginning with assessment year 1995-96, which was extended further vide notification number S. O. 212(E), dated the 17th March, 1997, [published at (1997) 139 CTR (St)11] for a period of three years beginning with assessment year 1998-99; And whereas the said project or scheme is likely to extend beyond six 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 and amending the project cost from ₹ 4.56 lakhs to ₹ 7.5 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 of running of Arpan Eye Bank at Ghatkopar (E), Bombay, which is being carried out by Arpan Trust, 2 Poonam, 160, R.B. Mehta Marg, Ghatkopar (E), Bombay-400077, as an eligible project or scheme for a further period of three years beginning with asst. yr. 2001-2002; and ( b ) further amends the said notification number S.O. 839(E), dated the 22nd November, 1994, to the following effect, namely : In the said notification, in the Table against serial number 12, in column 4 relating to Maximum amount of cost to be allowed as deduction under section 35AC , for the letters, figures and word ₹ 4.56 lakhs , the letters, figures and word ₹ 7.5 lakhs shall be substituted. [F. No. NC-73/2000]