Section 35AC - Eligible projects or schemes - Running of hospital, purchase of equipments and welfare activities at Vadnagar, Mehsana District, Gujarat" by Karuna Setu Trust - Amendment in Notification No. S.O. 96(E), dated 11-2-1999 - S.O. 1146(E) - Income Tax

Section 35AC - Eligible projects or schemes - Running of hospital, purchase of equipments and welfare activities at Vadnagar, Mehsana District, Gujarat" by Karuna Setu Trust - Amendment in Notification No. S.O. 96(E), dated 11-2-1999 Notification No. 45/2010 Dated: 17-5-2010 S.O. 1146(E):- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 96(E), dated the 11th February, 1999, 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 5, "Running of hospital, purchase of equipments and welfare activities at Vadnagar, Mehsana District, Gujarat" by Karuna Setu Trust, Vadnagar-384355, Gujarat, 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. 29(E), dated the 10th January, 2001 for a period of three years beginning with assessment year 2002-03 which was extended further vide notifica tion number S.O 381(E), dated the 19th March, 2004 for a period of three years beginning with financial year 2004-05 and which was extended further vide notification number S.O. 1298(E), dated 4th June, 2008 for a period of three financial year 2007-08; And whereas by notification number S.O. 1120(E), dated the 24th October, 2002 the estimated cost was enhanced from Rs. 67.48 lakh to Rs. 142.03 lakh including a corpus fund of Rs. 50 lakh and vide notification number S.O. 381(E), dated the 19th March, 2004 the estimated cost was further enhanced from Rs. 142 lakh to Rs. 184.50 lakh including a corpus fund of Rs. 50 lakh and vide notification number S.O. 1298(E), dated 4th June, 2008 the esti mated cost was further enhanced from Rs. 184.50 lakh including corpus fund of Rs. 50 lakh to Rs. 282.60 lakh including corpus fund of Rs. 50 lakh; And whereas the said project or scheme is likely to extend beyond twelve 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 enhancing the project cost from Rs. 282.60 lakh including corpus fund of Rs. 50 lakh to Rs. 373.60 lakh including corpus fund of Rs. 50 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) ,- hereby notifies the scheme or project "Running of hospi tal, purchase of equipments and welfare activities at Vadnagar, Mehsana District Gujarat" which is being carried out by Karuna Setu Trust, Vadnagar-384355, Gujarat for a period of three more years beginning with financial year 2010-11 i.e., 2010-11, 2011-12 and 2012-13; (b) further amends the said notification number S.O. 96(E), dated the 11th February, 1999 to the following effect, namely:- In the said notification, in the Table against serial number 5, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC , for the letters, figures and word "Rs. 282.60 lakh including a corpus fund of Rs. 50 lakh" the letters, figures and word "Rs.373.60 lakh including a corpus fund of Rs. 50 lakh" shall be substituted. [F. No. V-27015/1/2010-so]