Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for Running of Chidbavananda Rural Education and Medical Centre and construction and running of M/s. G. Kuppuswamy Naidu memorial Hospital at Coimbatoreby the Kuppuswamy Naidu Charity Trust as an eligible project or scheme - 029/2007- S.O. 1506(E) - Income Tax

Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for Running of Chidbavananda Rural Education and Medical Centre and construction and running of M/s. G. Kuppuswamy Naidu memorial Hospital at Coimbatoreby the Kuppuswamy Naidu Charity Trust as an eligible project or scheme NOTIFICATION NO. 29/2007 [F. No. NC-274/03/2007], DATED 7-9-2007 S.O. 1506(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) No. S. O. 1045(E) dated the 18th October, 2001, issued under clause ( b ) of the Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified at serial number 8, Running of Chidbavananda Rural Education and Medical Centre, Veerapandi, Rural Medical Center at Anaikatti and construction and running of M/s. G. Kuppuswamy Naidu memorial Hospital at Coimbatore, Tamil Nadu, by the Kuppuswamy Naidu Charity Trust for Education and Medical Relief, 88, Netaji Road, Pappanaickenpalayam, Coimbatore-641037, as an eligible project or scheme for a period of three years beginning with assessment year 2002-03 and which was extended further vide notification number S. O. 790(E) dated the 5th July, 2004, for a period of three years beginning with financial year 2004-05. And whereas the said project or scheme is likely to extend beyond six years ; And, whereas, the National Committee for the 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 and amending the project cost from ₹ 557.75 lakhs including a corpus fund of ₹ 500 lakhs to ₹ 757.75 lakhs including a corpus fund of ₹ 500 lakhs ; 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 running of Chidbavananda Rural Education and Medical Centre, Veerapandi, Rural Medical Centre at Anaikatti and construction and running of M/s. G. Kuppuswamy Naidu Memorial Hospital at Coimbatore, Tamil Nadu, which is being carried out by the Kuppuswamy Naidu Charity Trust for Education and Medical Relief 88, Netaji Road, Pappanaickenpalayam, Coimbatore-641037 for a period of three more years beginning with financial year 2007-08 ; ( b ) further amends the said notification number S. O. 1045(E) dated the 18th October, 2001, to the following effect, namely :- In the said notification, in the Table against serial number 8, in column (4), relating, to maximum cost of the project, for the letters, figures and word ₹ 557.75 lakhs including a corpus fund of ₹ 500 lakhs the letters, figures and word ₹ 757.75 lakhs including a corpus fund of ₹ 500 lakhs shall be substituted.