Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for help/assistance to patients for medical aid, education, foodgrains, by Jivan Jyot Charitable Trust as an eligible project or scheme - 017/2007 [F.No.NC-274/03/2007]- SO. 1161(E) - Income Tax

Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for help/assistance to patients for medical aid, education, foodgrains, by Jivan Jyot Charitable Trust as an eligible project or scheme Notification No. 17/2007 [F.No.NC-274/03/2007], dated 16-7-2007 SO. 1161(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 832(E) dated the 18th September 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 3, for help/assistance to patients for medical aid, education, foodgrains, by Jivan Jyot Charitable Trust, Thakkar House, 19D, Pushtikar Society, Road No. 4, Jogeshwari (W), Mumbai-400102, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number S.O. 549(E) dated the 20th June, 2001 for a period of three years beginning with assessment year 2002-03 and which was extended further vide notification number S.O. 395(E) dated the 23rd March, 2005 for a period of three years beginning with financial year 2004-05; And whereas vide notification number S.O. 222(E) dated the 1st April, 1999 the estimated cost was amended from 25.00 lakhs as corpus fund out of approved cost of 100.00 lakhs to 135.00 lakhs including a corpus fund of 25.00 lakhs; And whereas the said project or scheme is likely to extend beyond nine 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 and enhancing the project cost from 135.00 lakhs including a corpus fund of 25 lakhs to 250.00 lakhs including a corpus fund of 50 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 for help/assistance to patients for medical aid, education, foodgrains, which is being carried out by Jivan Jyot Charitable Trust, Thakkar House, 19D, Pushtikar Society, Road No. 4, Jogeshwari(W), Mumbai-400102 as an eligible project or scheme for a further period of three years beginning with financial year 2007-08; and ( b ) further amends the said notification number S.O. 832(E) dated the 18th September, 1998, to the following effect, namely :- In the said notification, in the Table against serial number 3, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC, for the letters, figures and words 135.00 lakhs including a corpus fund of 25 lakhs the letters, figures and words 250.00 lakhs including a corpus fund of 50 lakhs shall be substituted.