Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Expansion Project - purchase of equipments for increasing number of free eye surgeries and running of Hospital at Village, Gujarat by Lions Club of Karnavati Foundation - 043/2007- S.O.244(E) - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Expansion Project - purchase of equipments for increasing number of free eye surgeries and running of Hospital at Village, Gujarat by Lions Club of Karnavati Foundation NOTIFICATION NO. 43/2007, DATED 15-2-2007 S.O.244(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), Number S.O.497(E), dated the 26th May, 2000, 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 7, for Expansion Project - purchase of equipments for increasing number of free eye surgeries and running of Hospital at Village - Ognaj, Ahmedabad, Gujarat by Lions Club of Karnavati Foundation, AT Post - Village Ognaj, Village-Ognaj, District - Ahmedabad-382421 as an eligible project or scheme for a period of three years beginning with assessment year 2001-2002 and which was extended further vide notification Number S.O.528(E), dated the 9th May, 2003 for a period of three years beginning with assessment year 2004-05; AND WHEREAS the said project or scheme is likely to extend beyond six 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 35 AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project for Expansion Project - purchase of equipments for increasing number of free eye surgeries and running of Hospital at Village-Ognaj, Ahmedabad, Gujarat which is being carried out by Lions Club of Karnavati Foundation, AT and Post - Village Ognaj, Village-Ognaj, District - Ahmedabad-3 82421, without any change in the approved cost of Rs. 437.50 lakhs (including a corpus fund of Rs. 150.00 lakhs), as an eligible project or scheme for a further period of three years commencing from the financial year 2006-07. [F.No. 43/2007/F. No. NC-274/04/2006