Exemption u/s 35AC - Central Government had specified for Purchase of equipments and running of Health Care Project at Sangrur (Punjab) by Umeed Khanna Foundation as an eligible project or scheme - 148/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Purchase of equipments and running of Health Care Project at Sangrur (Punjab) by Umeed Khanna Foundation as an eligible project or scheme Notification No. 148 of 2003, dt. 13th June, 2003 . 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 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 of equipments and running of Health Care Project at Sangrur (Punjab) by Umeed Khanna Foundation, 2, Shanti Farms, Village-Sahoorpur, Chandan Hola, New Delhi-110030, 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 months (i.e., April, May, June, 2003); 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 Purchase of equipments and mining of Health-Care Project at Sangrur (Punjab) which is being carried out by Umeed Khanna Foundation, 2, Shanti Farms, Village-Sahoorpur, Chandan Hola, New Delhi-110030, at the estimated cost of rupees one crore sixty-one lakhs thirty thousand only, as an eligible project or scheme for a further period of three months (i.e., April, May and June 2003) commencing from the assessment year 2004-2005. [F.No. NC-81/2003]