Exemption u/s 35AC – Amendments in Notification no. SO 92(E), dated the February 2, 1996- projects of 'Conduct eye operation, polio operation camps, oxygen cylinder seva and ambulance service all over Gujarat' by Karuna Trust, Ahmedabad - SO 1307(E) - Income Tax

Notification No. SO 1307(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 92(E), dated the February 2, 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 5, 'Conduct eye operation, polio operation camps, oxygen cylinder seva and ambulance service all over Gujarat' by Karuna Trust, 22, Gautam Nagar, Near Naranpura Railway Crossing, Ahmedabad-13, 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 SO 57(E), dated the January 16, 1998 for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number SO 539(E), dated the June 20, 2001 for a period of three years beginning with assessment year 2002-03 and which was extended further vide notification number SO 143(E), dated the February 2, 2005 for a period of three years beginning with financial year 2004-05; And whereas by notification number SO 539(E), dated the June 20, 2001 the estimated cost was enhanced from Rs. 94 lakh to Rs. 128 lakh; And whereas the said project or scheme is likely to extend beyond twelve years; And, whereas, the National Committee for the 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 extending the said project or scheme for a further period of three years and amending the project cost from Rs. 128 lakh to Rs. 153 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 notifies the scheme or project 'Conduct eye operation, polio operation camps, oxygen cylinder seva and ambulance service all over Gujarat', being carried out by Karuna Trust, 22, Gautam Nagar, Near Naranpura-Railway Crossing, Ahmedabad-13 for a period of three more years beginning with financial year 2007-08. However, since the financial year 2007-08 has already elapsed, the approval shall not be valid for financial year 2007-08 in respect of funds collected during this financial year and no certificate for exemption of donation under section 35AC(1) of the Income-tax Act, 1961 shall be issued in respect of the financial year 2007-08; and ( b ) further amends the said notification number SO 92(E), dated the February 2, 1996, to the following effect, namely :— In the said notification, in the Table against serial number 5, in column (4), relating to maximum cost for which allowed, for the letters, figures and word 'Rs. 128.00 lakh' the letters, figures and word 'Rs. 153.00 lakh' shall be substituted.