Exemption u/s 35AC - Central Government had notified, "Running of Health Care and Education activities in Gujarat and Maharashtra" by Sundeep Foundation, Mumbai-, as an eligible project or scheme - Amendment in N. No. S.O. 422(E), dated the 19th May, 1998 - S.O. 2383(E) - Income Tax

Exemption u/s 35AC - Central Government had notified, "Running of Health Care and Education activities in Gujarat and Maharashtra" by Sundeep Foundation, Mumbai-, as an eligible project or scheme - Amendment in N. No. S.O. 422(E), dated the 19th May, 1998 Notification No. 62/2008 [F.No. NC-274/13/2008] S.O. 2383(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 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 6, "Running of Health Care and Education activities in Gujarat and Maharashtra" by Sundeep Foundation, 118, Jolly Bhavan No. 1, 10, New Marine Lines, Mumbai - 400 020, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000, which was amended further vide notification number S.O. 515(E), dated the 26 May, 2000 for project or scheme "Running of Health Care and Education activities at Kutch (Gujarat) and Dhule Maharashtra" the words "Running of Health Care and Education activities in Gujarat and Maharashtra" shall be substituted, which was extended further vide notification number S.O. 1051(E), dated the 18th October, 2001 for a period of three years beginning with assessment year 2002-03 and which was extended further vide notification number S.O. 391(E), dated the 23rd March, 2005 for a period of three years beginning with financial year 2004-05; And whereas by notification number S.O. 391(E), dated the 23rd March, 2005 the estimated cost was enhanced from Rs. 40.00 lakh to Rs. 70.00 lakh; And whereas the said project or scheme is likely to extend beyond nine years; And, whereas, the National Committee for the 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 and amending the project cost from Rs. 70.00 lakh to Rs. 120.00 lakh; 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 notifies the scheme or project "Running of Health Care and Education activities in Gujarat and Maharashtra", being carried out by Sundeep Foundation, 118, Jolly Bhavan No. 1, 10, New Marine Lines, Mumbai - 400 020 for a period of three more 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. ( b ) further amends the said notification number S.O. 422(E), dated the 19th May, 1998, to the following effect, namely :— In the said notification, in the Table against serial number 4, in column (4), relating to maximum cost for which allowed, for the letters, figures and word "Rs. 70.00 lakh" the letters, figures and word "Rs. 120.00 lakh" shall be substituted.