Exemption u/s 35AC - Central Government had specified for Construction of Phase 1 of Bhagwan Mahaveer Cancer Hospital, Jaipur by Bhagwan Mahaveer Cancer Hospital & Research Centre as an eligible project or scheme - Amendment in N. No S.O. 740(E) dated the 12th October, 1994 - 191/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for Construction of Phase 1 of Bhagwan Mahaveer Cancer Hospital, Jaipur by Bhagwan Mahaveer Cancer Hospital Research Centre as an eligible project or scheme - Amendment in N. No S.O. 740(E) dated the 12th October, 1994 Notification No. 191 of 2003, dt. 5th August, 2003 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 740(E) dated the 12th October, 1994 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 10, for Construction of Phase 1 of Bhagwan Mahaveer Cancer Hospital and Research Centre at Jawaharlal Nehru Marg, Jaipur, Rajasthan by Bhagwan Mahaveer Cancer Hospital Research Centre, Journal House, A-95, Janta Colony, Jaipur, Rajasthan-302004 as an eligible project or scheme for a period of two years beginning with assessment year 1995-96 which was extended further vide notification number S.O. 235(E) dated 21st March, 1996, for a period of two years beginning with assessment year 1997-98, which was extended further vide notification number S.O. 210(E) dated 16th March 1998, for a period of two years beginning with assessment year 1999-2000 which was extended further vide notification number S.O. 867(E) dated 21st September, 2000, for a period of two years beginning with assessment year 2001-2002 and which was extended further vide notification number S.O. 1123(E) dated 24th October, 2002, for a period of two years beginning with assessment year 2003-2004; And, whereas, the said project or scheme is likely to extend beyond ten 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 and enhancing the approved cost of the project from Rs. 1726 lakhs to Rs. 2676 lakhs and also with a recommendation that the records of poor patients and paid patients should be maintained separately; 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),-- (a) hereby specifies the scheme or project of Construction of Phase 1 of Bhagwan Mahaveer Cancer Hospital and Research Centre at Jawaharlal Nehru Marg, Jaipur, Rajasthan which is being carried out by Bhagwan Mahaveer Cancer Hospital Research Centre, Journal House, A-95, Janta Colony, Jaipur, Rajasthan-302004 as an eligible project or scheme for a further period of three years beginning with assessment year 2003-2004; and (b) further amends the said notification number S.O. 740(E) dated the 12th October, 1994, to the following effect, namely: In the said notification, in the Table against serial number 10, in column (4) for the letters, figures and word "Rs. 1726 lakhs" the letters, figures and word "Rs. 2676 lakhs" shall be substituted. [F.No. NC-151/2003]