Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Running of Polio Hospital, Rehabilitation and Research Centre at Hiran Magri, Rajasthan by Narayan Seva Sansthan - 048/2007- S.O. 249(E) - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Running of Polio Hospital, Rehabilitation and Research Centre at Hiran Magri, Rajasthan by Narayan Seva Sansthan NOTIFICATION NO. 48/2007, DATED 15-2-2007 S.O. 249(E)- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), Number S.O.862(E), dated the 12th December, 1997, issued under sub-section (1) read with clause ( b ) of the Explanation to section 35 AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 2, for Running of Polio Hospital, Rehabilitation and Research Centre at Hiran Magri, Sector-4, Udaipur, Rajasthan by Narayan Seva Sansthan, Seva Bham , Sector-4, Udaipur, Rajasthan-313002, as an eligible project or scheme for a period of three years beginning with assessment year 1998-99 which was extended further vide notification Number S.O.508(E), dated the 26th May, 2000 for a period of three years beginning with assessment year 2001-02 which was extended further vide notification Number SO.785(E), dated the 5th July, 2004 for a period of three years beginning with Financial year 2003-04 and which was extended further vide notification Number S.O.1013(E), dated the 5th July, 2006 for a period of three years beginning with financial year 2006-07; AND WHEREAS by notifswication Number S.O.785(E), dated the 5th July, 2004 the estimated cost was enhanced from ₹ 4.91 crore to ₹ 10.00 crore including a corpus fund of Rs, 2.00 crore; 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 enhancing the project cost from ₹ 10.00 crore including a corpus fund of ₹ 2.00 crore, to ₹ 34,23,86,748.00; 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 Running of Polio Hospital, Rehavilitation and Research Centre-at Hiran Magri, Sector-4, Udaipur, Rajasthan, which is being carried out by Narayan Seva -Sansthan, Seva Dham , Sector-4, Udaipur, Rajasthan-313002, as an eligible project or scheme for a further amends the said notification Number S.O. 862(E), dated the 12th December, 1997, to the following effect, namely :- In the said notification, in the Table against serial Number 2, in column (4), relating to maximum amount of cost to be -allowed as deduction under section 35 AC, for the letters, figures and word, ₹ 10.00 crore including a corpus fund of ₹ 2.00 crore, to ₹ 34,23,86,748.00 including a corpus fund of ₹ 2.00 crore shall be substituted. [F. No. NC-274/04/2006]