Exemption u/s 35AC - Central Government had specified for the construction and running of hospital by Global Hospital and Research Centre, Mumbai, as an eligible project or scheme - 11503 - Income Tax

Exemption u/s 35AC - Central Government had specified for the construction and running of hospital by Global Hospital and Research Centre, Mumbai, as an eligible project or scheme NOTIFICATION NO. 11503 DATED 21-9-2000 S.O.863(E) - Whereas by notification of the Government of India in the Ministry of Finance number S.O. 698(E), dated the 3rd October, 1997 [published at (1997) 142 CTR (St) 63], 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 8 the construction and running of hospital at Mount Abu, District Sirohi, Rajasthan, by Global Hospital and Research Centre, 102, Om Shanti, 48, Swastik Society, N.S. Road No. 3, Ville Parle(W), Mumbai-400003, as an eligible project or scheme for a period of three years beginning with 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 subrule (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 and running of hospital at Mount Abu, District Sirohi, Rajasthan, which is being carried out by Global Hospital and Research Centre, 102, Om Shanti, 48, Swastik Society, N.S. Road No. 3, Ville Parle(W), Mumbai-400003, at the estimated cost of rupees sixty one lakhs twenty seven thousand-plus a corpus fund of rupees five hundred lakhs only, as an eligible project or scheme for a further period of three years beginning with assessment year 2001-2002. [F. No. NC-73/2000]