Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for Running of free medical aid services at NOIDA by Kailash Charitable Trust as an eligible project or scheme - 019/2007[F.No.NC-274/03/2007] - Income Tax

Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for Running of free medical aid services at NOIDA by Kailash Charitable Trust as an eligible project or scheme Notification No. 19/2007[F.No.NC-274/03/2007], dated 16-7-2007 SO. 1163(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 (43 of 1961), the Central Government had specified at serial number 13, for Running of free medical aid services at NOIDA by Kailash Charitable Trust, C-320, Sector-91, NOIDA-201301, as an eligible project or scheme for a period of three years beginning with assessment year 1996-97 which was extended further vide notification number S.O. 212(E) dated the 16th March, 1998 for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number S.O. 982(E) dated the 10th September, 2002 for a period of three years beginning with assessment year 2003-04 and which was extended further vide notification number S.O. 141(E) dated the 3rd February, 2006 for a period of three years beginning with financial year 2005-06; And whereas by notification number S.O. 212(E) dated the 16th March, 1998 the estimated cost was amended from ₹ 40.00 lakhs to ₹ 75.00 lakhs; 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 specifying the said project or scheme for enhancing the project cost from ₹ 75.00 lakhs to ₹ 1.50 crore; 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 for Running of free medical aid services at NOIDA, which is being carried out by Kailash Charitable Trust, C-320, Sector-91, NOIDA-201301; ( b ) further amends the said notification number S.O. 973(E) dated the December 14, 1995, to the following effect, namely :- In the said notification, in the Table against serial number 13, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word ₹ 75.00 lakhs, the letters, figures and word ₹ 1.50 crores shall be substituted.