Section 35AC - Eligible projects or schemes - construction of building, residential quarters for staff, purchase of equipments/machines, furnishing of Aravali Medical and Research Centre at Aravali, District Sindhidurg, Maharashtra by Aravali Vikas Mandal - Mumbai - S.O. 1132(E) - Income Tax

Section 35AC - Eligible projects or schemes - construction of building, residential quarters for staff, purchase of equipments/machines, furnishing of Aravali Medical and Research Centre at Aravali, District Sindhidurg, Maharashtra by Aravali Vikas Mandal - Mumbai Notification No. 31/2010 Dated: 17-5-2010 S.O. 1132(E):- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 1045(E), dated the 18th October, 2001, 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 1, for construction of building, residential quarters for staff, purchase of equipments/machines, furnishing of Aravali Medical and Research Centre at Aravali, District Sindhidurg, Maharashtra by Aravali Vikas Mandal, 302, Maitri Co-operative Housing Society, Golangi Mill Road, Parel, Mumbai-400012 as an eligible project or scheme for a period of three years beginning with assessment year 2002-03; which was extended further vide notification number S.O. 144(E), dated the 3rd February, 2006 for a period of one year beginning with assessment year 2005-06 and which was further extended vide notification number S.O. 238(E), dated 15-2-2007 for a period of three years commencing with financial year 2006-07; 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 specifying 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 specifies the scheme or project for construction of build ing, residential quarters for staff, purchase of equipments/machines, furnishing of Aravali Medical and Research Centre at Aravali, District Sindhidurg, Maharashtra which is being carried out by Aravali Vikas Mandal, 302, Maitri Co-operative Housing Society, Golangi Mill Road, Parel, Mumbai-400012, without any change in the approved cost of Rs. 548.90 lakhs, as an eligible project or scheme for a further period of three years commencing with the financial year 2009-10 i.e., 2009-10, 2010-11 and 2011-12 with a direction that as the financial year 2009-10 has already expired, the trust shall not issue any certificate under section 35AC for financial year 2009-10. [F. No.V-27015/1/2010-so]