Explanation to section 35AC - specified at serial number 12, for Running of Arpan Eye Bank at Ghatkopar(E), Bombay, by Arpan Trust, 2, Poonam, 160, R.B. Mehta Marg, Ghatkopar (E), Bombay - 042/2007 - S.O. 243 (E) - Income Tax

Explanation to section 35AC - Specified at serial number 12, for Running of Arpan Eye Bank at Ghatkopar(E), Bombay, by Arpan Trust, 2, Poonam, 160, R.B. Mehta Marg, Ghatkopar (E), Bombay [TO BE PUBLISHED IN THE GAZETTE OF INDIA , EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi , dated the 15th February, 2007 S.O. 243 (E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O.839(E) dated the 22nd November, 1994, 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 specified at serial number 12, for 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 1995-1996 which was extended further vide notification number S.O.212(E) dated the 17th March, 1997 for a period of three years beginning with assessment year 1998-99 which was extended further vide notification number S.O.855(E) dated the 21st September, 2000 for a period of three years beginning with assessment year 2001-2002 and which was extended further vide notification number S.O.1254(E) dated the 30th October, 2003 for a period of three years beginning with assessment year 2004-2005; And whereas by notification number S.O. 855(E) dated the 21st September, 2000 the estimated cost was enhanced from ₹ 4.56 lakh to ₹ 7.5 lakh and vide notification number S.O.1254(E) dated the 30th October, 2003 the estimated cost was enhanced from ₹ 7.5 lakh to ₹ 13.50 lakh ; 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 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 ₹ 13.50 lakh to ₹ 27.00 lakh; Now, therefore, the Central Government, in exercise of the powers conferred by subsection (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961) , hereby - (a) specifies the scheme or project for 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 commencing from the financial year 2006-2007; 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 ₹ 13.50 lakh , the letters, figures and word ₹ 27.00 lakh shall be substituted.. [No.42/2007/F.No. NC-274/04/2006] D.P. Sengupta, Secretary (National Committee)