Exemption u/s 35AC - Central Government had specified for construction of building with modem amenities for Ayurvedic Hospital at Zadeshwar, Gujarat, by Shri Anantlal Tribhovandas Shah Ayurvedic Sarvajanik Hospital as an eligible project or scheme - 319/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified for construction of building with modem amenities for Ayurvedic Hospital at Zadeshwar, Gujarat, by Shri Anantlal Tribhovandas Shah Ayurvedic Sarvajanik Hospital as an eligible project or scheme Notification No : 319 Date of Issue : 27/11/2003 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.0.198(E) dated the 12 th March, 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 7, for construction of building with modem amenities for Ayurvedic Hospital at Zadeshwar, Gujarat, by Shri Anantlal Tribhovandas Shah Ayurvedic Sarvajanik Hospital, Lal Bazar, A.T. Shah Ayurvedic Hospital Marg, Bharuch-392001, Gujarat, as 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.0.506(E) dated 26 th May, 2000 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 six years; And whereas the National Committee for Promotion of Social and Economic Welfare, 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 construction of building with modem amenities for Ayurvedic Hospital at Zadeshwar, Gujarat, which is being carried out by Shri Anantlal Tribhovandas Shah Ayurvedic Sarvajanik" Hospital, Lal Bazar, A.T. Shah Ayurvedic Hospital Marg, Bharuch-392001, Gujarat, at the estimated cost of rupees two crdres seventy lakhs plus a corpus fund of rupees one crore only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2004-2005. F.No.NC-240/2003