Exemption u/s 35AC - specified at serial number 12, "Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat", by Prashanti Medical Services and Research Foundation, 206, Trade Centre, Sardanagar Main Road, Rajkot as an eligible project - 27/2009 - Income Tax

Exemption u/s 35AC - specified at serial number 12, "Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat", by Prashanti Medical Services and Research Foundation, 206, Trade Centre, Sardanagar Main Road, Rajkot as an eligible project or scheme NOTIFICATION NO. 27/2009 DATED, 18-3-2009 S.O. 764(E). - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O.193(E), dated the 14th March, 1996, 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 has specified at serial number 12, "Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat", by Prashanti Medical Services and Research Foundation, 206, Trade Centre, 2nd Floor, Sardanagar Main Road, Rajkot - 360001as an eligible project or scheme for a period of three years beginning with assessment year 1997-1998 which was extended further vide notification number S.O. 325 (E), dated the 11th May, 1999 for a period of three years beginning with assessment year 2000-2001, which was extended further vide notification number S.O. 354(E), dated the 31st March, 2003 for a period of three years beginning with assessment year 2003-2004 and which was extended further vide notification number S.O 498(E), dated the 4th April, 2006 for a period of three years beginning with financial year 2005-2006; And whereas the said project or scheme is likely to extend beyond twelve 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 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 "Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat" being carried out by Prashanti Medical Services and Research Foundation, 206, Trade center, 2nd Floor, Sardanagar Main Road, Rajkot - 36001, without any change in the approval cost of Rs. 889.16 lakhs including a corpus fund of Rs. 700.00 lakhs, as an eligible project or scheme for a further period of three years beginning with financial year 2008-2009, i.e., 2008-2009, 2009-2010 and 2010-2011. [F.No. NC-274/04/2009]