Exemption u/s 35AC - Central Government had specified for Expansion Project-Purchase of equipments for increasing number of free eye surgeries and running of Hospital at Village-Ognaj, Gujarat, by Lions Club of Karnavati Foundation as an eligible project or scheme - 119/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Expansion Project-Purchase of equipments for increasing number of free eye surgeries and running of Hospital at Village-Ognaj, Gujarat, by Lions Club of Karnavati Foundation as an eligible project or scheme Notification No. 119 of 2003, dt. 9th May, 2003 S.O.528(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 497(E) dated the 26th May, 2000, issued under subsection (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 7, for Expansion Project-Purchase of equipments for increasing number of free eye surgeries and running of Hospital at Village-Ognaj, Ahmedabad, Gujarat, by Lions Club of Karnavati Foundation, AT and Post-Village Ognaj, Village-Ognaj, District-Ahmedabad-382421, as an eligible project or scheme for a period of three years beginning with assessment year 2001-2002; And whereas the said project or scheme is likely to extend beyond three 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 Expansion Project-Purchase of equipments for increasing number of free eye surgeries and running of Hospital at Village-Ognaj, Ahmedabad, Gujarat which is being carried out by Lions Club of Karnavati Foundation, AT and Post-Village Ognaj, Village-Ognaj, District-Ahmedabad-382421, at the estimated cost of rupees four crores thirty-seven lakhs fifty thousand (including a corpus fund of one crore fifty lakhs) rupees only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2004-2005. [F.No. NC-53-2003]