Exemption u/s 35AC - Central Government had specified for Running of Health Care and Education activities in Gujarat and Maharashtra, by Sundeep Foundation as an eligible project or scheme - Amendment in N. No. S.O.422(E) dated the 19th May, 1998 - 102/2005- S.O. 391(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for Running of Health Care and Education activities in Gujarat and Maharashtra, by Sundeep Foundation as an eligible project or scheme - Amendment in N. No. S.O.422(E) dated the 19th May, 1998 NOTIFICATION NO. 102/2005, DATED 23-3-2005 S.O. 391(E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.422(E) dated the 19th May, 1998, issued under sub-section (1) read with clause ( b ) of the Explanation to section 35 AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 6, for Running of Health Care and Education activities in Gujarat and Maharashtra, by Sundeep Foundation, 118, Jolly Bhavan No. 1, 10, New Marine Lines, Mumbai-400020, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000 which was amended further vide notification number S.O.515(E) dated the 26th May, 2000 for project of scheme Running of Health Care and Education activities at Kutch (Gujarat) and Dhule (Maharashtra) the words Running of Health Care and Education activities in Gujarat and Maharashtra shall be substituted and which was extended further vide notification number S.O.1051(E) dated the 18th October, 2001 for a period of three years beginning with assessment year 2002-2003; 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 years and amending the project cost from ₹ 40.00 lakhs to ₹ 70.00 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 for Running of Health Care and Education activities in Gujarat and Maharashtra, which is being carried out by Sundeep Foundation, 118, Jolly Bhavan No.l, 10, New Marine Lines, Mumbai-400020 as an eligible project or scheme for a further period of three years commencing from the financial year 2004-2005; and ( b ) further amends the said notification number S.O. 422(E) dated the 19th May, 1998, to the following effect, namely:- In the said notification, in the Table against serial number 6, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word ₹ 40.00 lakhs the letters, figures and word ₹ 70.00 lakhs shall be substituted. [F.No.NC-270/01/2005]