Exemption u/s 35AC - Central govt. had specified project of scheme for Equipments arid vehicle, running of Eye Hospital/camps at Bharatpur, Rajasthan, by Friendship Foundation Trust as an eligible project or scheme - Amendment in N. No. S.O.206(E) dated the 17th March, 1997 - 039/2005 - Income Tax

Exemption u/s 35AC - Central govt. had specified project of scheme for Equipments arid vehicle, running of Eye Hospital/camps at Bharatpur, Rajasthan, by Friendship Foundation Trust as an eligible project or scheme - Amendment in N. No. S.O.206(E) dated the 17 th March, 1997 NOTIFICATION NO. 39/2005, DATED 2-2-2005 S.O. 140(E). Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.206(E) dated the 17 th March, 1997, issued under 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 8, the project of scheme for Equipments arid vehicle, running of Eye Hospital/camps at Bharatpur, Rajasthan, by Friendship Foundation Trust, Giriraj, Andi Hill, Satellite Road, Jodhpur Tekra, Ahmedabad, at the estimated cost of rupees twenty six lakhs twenty eight thousand only, 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.219(E) dated the 1 st April, 1999 for a period of three years beginning with assessment year 2000-2001 and which was amended vide notification number S.O. 1147(E) dated 18 th November,1999 by enhancing the cost of the project from Rs. 26.28 lakhs to Rs. 50.00 lakhs; And whereas the said project or scheme is likely to extend beyond six years; And, whereas, the National Committee for the 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 year and amending the project cost from Rs. 50.00 lakhs to Rs. 50.00 lakhs plus a corpus fund of Rs. 30.00 lakhs; 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),- ( a ) hereby specifies the scheme or project of Equipments and vehicle, running of Eye Hospital/camps at Bharatpur, Rajasthan which is being carried out by Friendship Foundation Trust, Giriraj, Andi Hill, Satellite Road, Jodhpur Tekra, Ahmedabad, for a further period of three years commencing from the Financial year 2004-2005, and ( b ) further amends the said notification number S.O. 206(E) dated the 17 th March, 1997, to the following effect, namely:- In the said notification, in the Table against serial number 8, in column (4) relating to maximum amount of cost to be allowed as deductions under section 35AC, for the letters, figures and word "Rs. 50.00 lakhs", the letters figure and word Rs. 50 00 lakhs plus a corpus fund of Rs. 30.00 lakhs" shall be substituted. [F. No. NC-270/408/2004]