Exemption u/s 35AC - Central Government had specified for free Eye surgeries and running of hospital by Medical Research Foundation, Chennai, as an eligible project or scheme - 226/2006 - Income Tax

Exemption u/s 35AC - Central Government had specified for free Eye surgeries and running of hospital by Medical Research Foundation, Chennai, as an eligible project or scheme NOTIFICATION NO. 226/2006, DATED 4-9-2006 S.O.1408(E). Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 19(E), dated the 7th January, 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 11, for free Eye surgeries and running of hospital by Medical Research Foundation, 18, College Road, Chennai-600006, as an eligible project or scheme for a period of three years beginning with assessment year 2004-05; 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-ection (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 free Eye surgeries and running of hospital which is being carried out by Medical Research Foundation, 18, College Road, Chennai-600006, without any change in the approved cost of Rs. 3270.00 lakhs (including a corpus fund of Rs. 2800.00 lakhs) as an eligible project or scheme for a further period of three years commencing from the financial year 2006-2007. [F. No. NC-274/2/2006]