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Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Establishment and running of the school and hospital by H.B.S. Trust - 121/2007 - Income TaxExtract Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Establishment and running of the school and hospital by H.B.S. Trust NOTIFICATION NO. 121/2007, DATED 29-3-2007 S.O.484(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 604 (E) dated the 20 th May, 2004, 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 10, for Establishment and running of the school and hospital by H.B.S. Trust, (Human Benefits Services Trust) 21-C, First Floor, Ratanada, Jodhpur-342001 (Rajasthan) as an eligible project or scheme for a period of three years beginning with financial year 2003-04 ; AND WHEREAS the said project or scheme is likely to extend beyond three 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 Establishment and running of the school and hospital which is being carried out by H.B.S. Trust, (Human Benefits Services Trust) 21-C, First Floor, Ratanada, Jodhpur-342001 (Rajasthan), without any change in the approved cost of ₹ 937.74 lakhs (including a corpus fund of ₹ 500 lakhs), as an eligible project or scheme for a further period of three years commencing from the financial year 2006-07. [F.No.NC-274/3/2007]
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