Exemption u/s 35AC - Central Government had specified for Construction of extension building, purchase of medical equipments, by Indian Red Cross Society as an eligible project or scheme - 093/2005- S.O. 382(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for Construction of extension building, purchase of medical equipments, by Indian Red Cross Society as an eligible project or scheme NOTIFICATION NO. 93/2005, DATED 23-3-2005 S.O. 382(E) .- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.333(E) dated the 28th March, 2003, 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 2, for Construction of extension building, purchase of medical equipments, furniture, running and maintenance of cancer detection/radiotherapy centres, by Indian Red Cross Society, Nellore District Branch, Red Cross Road, Near Vegetable Market, Nellore as an eligible project or scheme for a period of one year beginning with assessment year 2004-2005; And whereas the said project or scheme is likely to extend beyond one year; 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 Construction of extension building, purchase of medical equipments, furniture, running and maintenance of cancer detection/radiotherapy centres, which is being carried out by Indian Red Cross Society, Nellore District Branch, Red Cross Road, Near Vegetable Market, Nellore, without any change in the approved cost i.e. ₹ 600.00 lakhs including a corpus fund of ₹ 250.00 lakhs, as an eligible project or scheme for a further period of three years commencing from the financial year 2004-2005. [F.No. NC-270/01/2005]