Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for Construction, equipments, furnishing and running of Smt. Lakshmi Shah Rural Medical and Research Centre" by Smt. Lakshmi and Shri Jankilal Shah Foundation as an eligible project or scheme - 034/2007 [F.No.NC-274/03/2007] - Income Tax

Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for Construction, equipments, furnishing and running of Smt. Lakshmi Shah Rural Medical and Research Centre" by Smt. Lakshmi and Shri Jankilal Shah Foundation as an eligible project or scheme NOTIFICATION NO. 34/2007 [F.No.NC-274/03/2007] New Delhi , dated the 23rd October, 2007 S.O. 1798(E).- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.973(E) dated the 14th December, 1995, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had notified at serial number 9, " Construction, equipments, furnishing and running of Smt. Lakshmi Shah Rural Medical and Research Centre" by Smt. Lakshmi and Shri Jankilal Shah Foundation, 9, Naples, Sobini Road, Cuffe Parade, Mumbai - 400 005, as an eligible project or scheme for a period of three years beginning with Assessment years 1996-1997 which was extended further vide notification number S.O.688(E) dated the 11th August, 1998 for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number S.O.1053(E) dated the 18th October, 2001 for a period of three years beginning with Assessment year 2002-2003 and which was extended further vide notification number S.O.380(E) dated 23rd March, 2005 for a period of three years beginning with financial year 2004-2005; And whereas the said project or scheme is likely to extend beyond twelve 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 extending 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, hereby notifies the scheme or project " Construction, equipments, furnishing and running of Smt. Lakshmi Shah Rural Medical and Research Centre" being carried out by Smt. Lakshmi and Shri Jankilal Shah Foundation, 9, Naples, Sobini Road, Cuffe Parade, Mumbai - 400 005, without any change in the approved cost of Rs. Two crore, as an eligible project or scheme for a further period of three years beginning with financial year 2007-2008. [No.34/ 2007/ F.No. NC-274/03/2007]