Exemption u/s 35AC - Central Government had specified for Primary Health Project at 30 Villages of Sundergarh District of Orissa by Dalmia Bharat Seva Trust as an eligible project or scheme - Amendment in N. No. S.O. 469(E) dated the 2nd July, 1996 - 020/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Primary Health Project at 30 Villages of Sundergarh District of Orissa by Dalmia Bharat Seva Trust as an eligible project or scheme - Amendment in N. No. S.O. 469(E) dated the 2nd July, 1996 Notification No. 20 of 2003, dt. 22nd Jan., 2003 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 469(E) dated the 2nd July, 1996, 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 12, for Primary Health Project at 30 Villages of Sundergarh District of Orissa by Dalmia Bharat Seva Trust, P.O. Rajgangapur-770017, Orissa as an eligible project or scheme for a period of two years beginning with assessment year 1997-98 which was extended further vide notification number S.O. 917(E) dated 29th December, 1997, for a period of two years beginning with assessment year 1999-2000 which was extended further vide notification S.O. 502(E) dated 26th May, 2000 for a period of three years beginning with assessment year 2001-2002; And whereas the said project or scheme is likely to extend beyond six years; And whereas, the National Committee, being satisfied that the project or scheme is being executed properly, made further recommendation under subrule (5) of rule 11M of the Income-tax Rules, 1962, for specifying the said project or scheme for further amending the approved cost from Rs. 10.00 lakhs to Rs. 17.00 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 Primary Health Project at 30 Villages of Sundergarh District of Orissa by Dalmia Bharat Seva Trust, P.O. Rajgangapur-770017, Orissa-, and (b) further amends the said notification number S.O. 469(E) dated the 2nd July, 1996, to the following effect, namely : In the said notification, in the Table against serial number 12, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word "Rs. 10.00 lakhs to Rs. 17.00 lakhs" shall be substituted. [F.No. NC-142/2002]