Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat by Prashanti Medical Services and Research Foundation as an eligible project or scheme - 098/2006 - Income Tax

Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat by Prashanti Medical Services and Research Foundation as an eligible project or scheme NOTIFICATION NO. 98/2006, DATED 4-4-2006 S.O. 498(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.193(E) dated the 14 th March, 1996, 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 6, for Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat by Prashanti Medical Services and Research Foundation, 205, Trade Centre, 2 nd Floor, Sardanagar Main Moad, Rajkot-360001, as an eligible project or scheme for a period of three years beginning with assessment year 1997-1998 and which was extended further vide notification number S.O.325(E) dated the 11 th May, 1999 for a period of three years beginning with assessment year 2000-2001 and which was extended further vide notification number S.O. 354 (E) dated the 31 st March, 2003 for a period of three years beginning with assessment year 2003-2004; 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 Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat which is being carried out by Prashanti Medical Services and Research Foundation, 205, Trade Centre, 2 nd Floor, Sardanagar Main Moad, Rajkot-360001, without any change in the approved estimated cost i.e. ₹ 889.16 lakhs plus a corpus fund of ₹ 700.00 lakhs, as an eligible project or scheme for a further period of three years commencing from the financial year 2005-2006. [F.No. NC-270/55/2006]