Exemption u/s 35AC - Central Government had specified for Purchase of equipments and running of hospital projects at Visakhapatnam, Andhra Pradesh by Sankar Foundation as an eligible project or scheme - 124/2003- S.O. 533(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for Purchase of equipments and running of hospital projects at Visakhapatnam, Andhra Pradesh by Sankar Foundation as an eligible project or scheme Notification No. 124 of 2003, dt. 9th May, 2003 S.O. 533(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 549(E) dated the 2nd July, 1998, 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 13, for Purchase of equipments and running of hospital projects at Visakhapatnam, Andhra Pradesh by Sankar Foundation, Flat No. 38, D.No. 7-8-23/1 (13), Maharaja Towers/Viskhapatnam-530003, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number S.O. 30(E) dated 10th January, 2001 for a period of two years beginning with assessment year 2002-2003 and which was amended further vide notification number S.O. 970(E) dated 10th September, 2002; And whereas the said project or scheme is likely to extend beyond five 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 two years; Now, therefore, the Central Government, in exercise of the Dowers 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 purchase of equipments and running of hospital projects at Visakhapatnam, Andhra Pradesh which is being carried out by Sankar Foundation, Flat No. 38, D.No. 7-8-23/1 (13), Maharaja Towers, Visakhapatnam-530003, at the estimated cost of rupees three crores sixty-four lakhs fifty-five thousand only, as an eligible project or scheme for a further period of two years commencing from the assessment year 2004-2005. [F.No.NC-53/2003]