Exemption u/s 35AC - Central Government had specified for Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat by Prashanti Medical Services and Research Foundation as an eligible project or scheme - 069/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat by Prashanti Medical Services and Research Foundation as an eligible project or scheme Notification No. 69 of 2003, dt. 31st March, 2003 S.O. 354(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 193(E) dated the 14th March, 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 6, for Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat by Prashanti Medical Services and Research Foundation, 205, Trade Centre, 2nd Floor, Sardanagar Main Road, Rajkot-360001 as an eligible project or scheme for a period of three years beginning with assessment year 1997-98 which was extended further vide notification number S.O. 325 dated 11th May, 1999 for a period of three years beginning with assessment year 2000-2001; And whereas the said project or scheme is likely to extend beyond six years; And whereas the National Committee, 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 of Land development, construction, equipments, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot, Gujarat which is being carried out by Prashanti Medical Services and Research Foundation, 205, Trade Centre, 2nd Floor, Sardanagar Main Road, Rajkot-360001, at the estimated cost of rupees eight crores eighty-nine lakhs sixteen thousand plus a corpus fund of rupees seven crores only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2003-2004. [F.No. NC-166/2002]