Exemption u/s 35AC - Central Government had specified for purchase and running of Willingdon Hospital, Chennai, Tamil Nadu by Medical Research Foundation as an eligible project or scheme - Amendment in N. No. S.O. 862(E) dated the 12th December, 1997 - 068/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for purchase and running of Willingdon Hospital, Chennai, Tamil Nadu by Medical Research Foundation as an eligible project or scheme - Amendment in N. No. S.O. 862(E) dated the 12th December, 1997 Notification No. 68 of 2003, dt. 31st March, 2003 . Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 862(E) dated the 12th December, 1997 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 6, for purchase and running of Willingdon Hospital, Chennai, Tamil Nadu by Medical Research Foundation, 18, College Road, Chennai-600006, as an eligible project or scheme for a period of three years beginning with assessment year 1998-99 which was extended further vide notification number S.O. 368(E) dated 10th April, 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 a further recommendation under sub-rule (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. 1200 lakhs to Rs. 1800 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 purchase and running of Willingdon Hospital, Chennai, Tamil Nadu which is being carried out by Medical Research Foundation, 18, College Road, Chennai-600006; and ( b ) further amends the said notification number S.O. 862(E) dated the 12th December, 1997, 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 "Rs. 1200 lakhs" to "Rs. 1800 lakhs" shall be substituted. [F.No. NC-166/2002]