Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for purchase of equipments for Manilal Rikhavchand Kothari Lions Orthopaedic and General Hospital and running of said hospital at Navsari, Gujarat by Navsari Lions Sarvajanik Charitable Trust - 011/2007 [F.No. NC/274/03/2007] - Income Tax

Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for purchase of equipments for Manilal Rikhavchand Kothari Lions Orthopaedic and General Hospital and running of said hospital at Navsari, Gujarat by Navsari Lions Sarvajanik Charitable Trust Notification No. 11/2007 [F.No. NC/274/03/2007], dated 16-7-2007 S.O.1155(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 698(E) dated the 3rd October, 1997, 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 12, for purchase of equipments for Manilal Rikhavchand Kothari Lions Orthopaedic and General Hospital and running of said hospital at Navsari, Gujarat by Navsari Lions Sarvajanik Charitable Trust, Ashapuri Road, Dudhia Talav, Navsari, Gujarat-396 445, as an eligible project or scheme for a period of three years beginning with assessment year 1998-99 which was extended further vide notification number S.O. 304(E) dated the 29th March, 2000 for a period of three years beginning with assessment year 2001-02 and which was extended further vide notification number S.O. 791(E) dated the 5th July, 2004 for a period of three years beginning with financial year 2003-04; 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 156.80 lakhs to 4.00 crores including a corpus fund of 2.00 crores; 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 construction of building/purchase of equipments, instruments, vehicle and running of purchase of equipments for Manilal Rikhavchand Kothari Lions Orthopaedic and General Hospital and running of said hospital at Navsari, Gujarat, which is being carried out by Navsari Lions Sarvajanik Charitable Trust, Ashapuri Road, Dudhia Talav, Navsari, Gujarat-396 445 as an eligible project or scheme for a further period of three years beginning with financial year 2006-07; and ( b ) further amends the said notification number S.O. 698(E) dated the 3rd October, 1997, to the following effect, namely:- In the said notification, in the Table, against serial number 12, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word 156.80 , the letters, figures and words 4.00 crores including a corpus fund of 2.00 crores shall be substituted.