Exemption u/s 35AC – Amendments in Notification no. SO 399(E), dated the June 6, 1996 – Projects of Dardiono Rahat Fund, Ahmedabad - SO 1317(E) - Income Tax

Notification No. SO 1317(E) [F. No. NC-274/08/2008] dated 4-6-2008 Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number SO 399(E), dated the June 6, 1996, issued under clause ( b ) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961) , the Central Government had notified at serial number 11, 'Medical Relief Project at Ahmedabad' by Dardiono Rahat Fund, 102, Kashi Parekh Complex, 29, Adarsh Society, Navrangpura, Ahmedabad - 380 009, as an eligible project or scheme for a period of three years beginning with assessment year 1997-1998 which was extended further vide notification number SO 312(E), dated the May 11, 1999 for a period of three years beginning with assessment year 2000-01 which was extended further vide notification number SO 608(E), dated the June 7, 2002 for a period of three years beginning with assessment year 2003-04 and which was extended further vide notification number SO 1601(E), dated the November 14, 2005 for a period of three years beginning with financial year 2005-06; And whereas by notification number SO 312(E), dated the May 11, 1999 the estimated cost enhanced from Rs. 75 lakh to Rs. 137.08 lakh and vide notification number SO 510(E), dated the April 19, 2004 the estimated cost was further enhanced from Rs. 137.08 lakh to Rs. 157.08 lakh and vide notification number SO 1601(E), dated the November 14, 2005 the estimated cost was further enhanced from Rs. 157.08 lakh to Rs. 229.08 lakh; 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 Rs. 229.08 lakh to Rs. 324.08 lakh; 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 'Medical Relief Project at Ahmedabad', which is being carried out by Dardiono Rahat Fund, 102, Kashi Parekh Complex, 29, Adarsh Society, Navrangpura, Ahmedabad - 380 009 for a period of three more years beginning with financial year 2008-09; ( b ) further amends the said notification number SO 399(E), dated the June 6, 1996, to the following effect, namely :— In the said notification, in the Table against serial number 11, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC , for the letters, figures and word 'Rs. 229.08 lakh', the letters, figures and word 'Rs. 324.08 lakh' shall be substituted.