Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for Construction of building, furnishing and running of Eye Hospital at Maharashtra by Lions Comprehensive Eye Care Foundation - 006/2007 [F.No. NC-274/03/2007] - Income Tax

Exemption u/s 35AC - of the Income-tax Act, 1961, the Central Government had specified for Construction of building, furnishing and running of Eye Hospital at Maharashtra by Lions Comprehensive Eye Care Foundation Notification No. 6/2007 [F.No. NC-274/03/2007], Dated 16-7-2007 S.O. 1150 (E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 422(E) dated the 19th May, 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 13, for Construction of building for expansion of hospital purchase of equipments, vehicle, furnishing and running of Eye Hospital at MIDC, Miraj, Sanghli, District of Maharashtra by Lions Comprehensive Eye Care Foundation, Miraj, Plot No. P-31, M.I.D.C., Miraj-416410, District-Sangli, Maharashtra, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000 and which was extended for a period of three years beginning with assessment year 2002-03 further vide number S.O.1212(E) dated 12th December, 2001 and which was extended further vide notification number S.O.712(E) dated the 25th May, 2005 for a period of three years beginning with financial year 2004-05 ; 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; 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), hereby specifies the scheme or project for Construction of building for expansion of hospital purchase of equipments, vehicle, furnishing and running of Eye Hospital at MIDC, Miraj, Sanghli, District of Maharashtra which is being carried out by Lions Comprehensive Eye Care Foundation, Miraj, Plot No. P-31, M.I.D.C., Miraj-416410, District-Sangli, Maharashtra without any change in the approved cost of 297.00 lakhs, as an eligible project or scheme for a further period of three years beginning with financial year 2007-08;