Exemption u/s 35AC - Centra Govt. had specified for Construction of new building to establish hospital at Gujarat by Sevasangh Sarvajanik Hospital Trust as an eligible project or scheme - Amendment in N. No. S.0. 901(E) dated the 20th September, 2001 - 139/2004 - Income Tax

Exemption u/s 35AC - Centra Govt. had specified for Construction of new building to establish hospital at Gujarat by Sevasangh Sarvajanik Hospital Trust as an eligible project or scheme - Amendment in N. No. S.0. 901(E) dated the 20th September, 2001 Notification No. 139 of 2004, dt. 19th Apr., 2004 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.0. 901(E) dated the 20th September, 2001, 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 2, for Construction of new building to establish hospital, blood bank, medical library, furnishing and purchase of equipments, books projector etc and running of hospital at Modasa, District Sabarkantha, Gujarat by Sevasangh Sarvajanik Hospital Trust, Modasa-383315, District Sabarkantha, Gujarat, as an eligible project or scheme for a period of three years beginning with assessment year 2002-2003; And whereas the said project or scheme is likely to extend beyond three 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 amending the project cost from Rs. 98.00 lakhs including a corpus fund of Rs. 50.00 lakhs to Rs. 276.20 lakhs including a corpus fund of Rs. 50.00 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 Construction of new building to establish hospital, blood bank, medical library, furnishing and purchase of equipments, books projector etc and running of hospital at Modasa, District Sabarkantha, Gujarat by Sevasangh Sarvajanik Hospital Trust, Modasa-383315, District Sabarkantha, Gujarat; and (b) further amends the said notification number S.O. 901(E) dated the 20th September, 2001, to the following effect, namely:- In the said notification, in the Table against serial number 2, in column (4), relating to maximum cost for which allowed, for the letters, figures and words "Rs. 98.00 lakhs including a corpus fund of Rs. 50.00 lakhs" the letters, figures and word "Rs. 276.20 lakhs including a corpus fund of Rs. 50.00 lakhs" shall be substituted. File No.NC-395/2003