Exemption u/s 35AC - Central Government had specified for Construction of building, purchase of equipments and running of hospital at Vaso, Nadiad, by Vaso Arogya Mandal as an eligible project or scheme - 154/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Construction of building, purchase of equipments and running of hospital at Vaso, Nadiad, by Vaso Arogya Mandal as an eligible project or scheme Notification No. 154 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. 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 8 for Construction of building, purchase of equipments and running of hospital at Vaso, Nadiad, by Vaso Arogya Mandal, Shri C.M. Shah General Hospital, Kheda, Gujarat, as an eligible project or scheme for a period of three years beginning with assessment year 1998-99 and which was extended further vide notification number S.O. 157(E) dated 23rd February, 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 said project or scheme is being executed properly, made a further recommendation under sub-rule (6) 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 36AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project of Construction of building, purchase of Equipments and running of hospital at Vaso, Nadiad which is being carried out by Vaso Arogya Mandal, Shri C.M. Shah General Hospital, Kheda, Gujarat, at the estimated cost of rupees forty-two lakhs only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2004-2005. [F.No. NC-81/2003]