Exemption u/s 35AC - Central Government had notified, "Project 'Eye Hope' at Mumbai and surrounding areas" by Eye Bank Coordination and Research Centre, Manisha Hospital, Sant Savta Marg, Byculla, Mumbai, as an eligible project or scheme - S.O. 2386(E) - Income Tax

Exemption u/s 35AC - Central Government had notified, "Project 'Eye Hope' at Mumbai and surrounding areas" by Eye Bank Coordination and Research Centre, Manisha Hospital, Sant Savta Marg, Byculla, Mumbai, as an eligible project or scheme Notification No. 65/2008 [F.No. NC-274/13/2008] S.O. 2386(E) dated 3-10-2008 Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 422(E), dated the 19th May, 1998, issued under sub-section (1) read with clause ( b ) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 9, "Project 'Eye Hope' at Mumbai and surrounding areas" by Eye Bank Coordination and Research Centre, Manisha Hospital, Sant Savta Marg, Byculla, Mumbai- 400 027, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000, which was extended further vide notification number S.O.1216(E), dated the 12th December, 2001 for a period of three years beginning with assessment year 2002-03 and which was extended further vide notification number S.O. 394(E), dated the 23rd March, 2005 for a period of three years beginning with financial year 2004-05; And whereas the said project or scheme is likely to extend beyond nine years; And whereas the National Committee for Promotion of Social and Economic Welfare, 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 extending 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 notifies the scheme or project "Project 'Eye Hope' at Mumbai and surrounding areas" being carried out by Eye Bank Co-ordination and Research Centre, Manisha Hospital, Sant Savta Marg, Byculla, Mumbai - 400 027, without any change in the approved cost of Rs. 72.29 lakh plus a corpus fund of Rs. 112.50 lakh, as an eligible project or scheme for a further period of three years beginning with financial year 2007-08. However, since the financial year 2007-08 has already elapsed, the approval shall not be valid for financial year 2007-08 in respect of funds collected during this financial year and no certificate for exemption of donation under section 35AC(1) of the Income-tax Act, 1961 shall be issued for this financial year.