Exemption u/s 35AC - Central Government had specified the project of scheme for Construction, furnishing and equipments of 100 bed hospital at Perumalpursam Panchayat, Kanyakumari District, Tamil Nadu, by Indian Medical Centre as an eligible project or scheme - 026/2005 - Income Tax

Exemption u/s 35AC - Central Government had specified the project of scheme for Construction, furnishing and equipments of 100 bed hospital at Perumalpursam Panchayat, Kanyakumari District, Tamil Nadu, by Indian Medical Centre as an eligible project or scheme Notification No. 26/2005, Dated 2-2-2005 S.O. 127(E). Whereas by notification of the Government of India in the Ministry of finance (Department of Revenue) number S.O. 193(E) dated the 14th March, 1996, issued under sub-section (1) of, 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 14, the project of scheme for Construction, furnishing and equipments of 100 bed hospital at Perumalpursam Panchayat, Kanyakumari District, Tamil Nadu, by Indian Medical Centre, 283, T.T.K. Road, Chennai-600018, as an eligible project or scheme for a period of three years beginning with assessment year 1997-1998 which was extended further vide notification number S.O. 1174(E) dated the 26th November, 1999 for a period of two years beginning with assessment year 2000-2001 and which was extended further vide notification number S.O. 923(E) dated the 20th September, 2001 for a period of Three years beginning with assessment year 2001-2002 and the cost of the project was amended from rupees 162.78 lakhs to rupees 385.78 lakhs; And whereas the said project or scheme is likely to extend beyond eight 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) of, 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 Construction, furnishing and equipments of 100 bed hospital at Perumalpuram, Panchayat, Kanyakumari District, Tamil Nadu by Indian Medical Centre, 283, T.T.K. Road, Chennai-600018, without any change in the approved cost, as an eligible project or scheme for a further period of three years commencing from the financial year 1 [ 2004-2005 ]. [F. No. NC-270/408/2004] ********** Notes 1. Corrected vide Notification No. 157/2006, Dated 5-7-2006 before it was read as 2003-2004