Exemption u/s 35AC – Amendments in Notification no. SO 791(E), dated the September 8, 1995 projects of 'Maintenance of S.J. Patel Sarvajanik Hospital at Paliad, Tal Kalol District Mehsana, Gujarat' by Gramya Vikas Mandal, Paliad - SO 1315(E) - Income Tax

Notification No. SO 1315(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 791(E), dated the September 8, 1995, 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 6, 'Maintenance of S.J. Patel Sarvajanik Hospital at Paliad, Tal Kalol District Mehsana, Gujarat' by Gramya Vikas Mandal, Paliad, At P.O. Paliad, Tal. Kalol (NG), Distt. Mehsana, Gujarat, 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 863(E), dated the December 12, 1997 for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number SO 548(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 377(E), dated the March 19, 2004 for a period of three years beginning with financial year 2004-05; And whereas by notification number SO 863(E), dated the December 12, 1997 the estimated cost was enhanced from Rs. 10.66 lakh to Rs. 25 lakh and vide notification number SO 548(E), dated the June 20, 2001 the estimated cost was further enhanced from Rs. 25 lakh to Rs. 41.50 lakh and vide notification number SO 377(E), dated the March 19, 2004 the estimated cost was further enhanced from Rs. 41.50 lakh to Rs. 56.50 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. 56.50 lakh to Rs. 72 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 'Maintenance of S.J. Patel Sarvajanik Hospital at Paliad Tal. Kalol District Mehsana, Gujarat', being carried out by Gramya Vikas Mandal, Paliad, At. P.O. Paliad, Tal. Kalol (NG), Distt. Mehsana, Gujarat 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 791(E), dated the September 8, 1995, to the following effect, namely :— In the said notification, in the Table against serial number 6, in column (4), relating to maximum cost for which allowed, for the letters, figures and word 'Rs. 56.50 lakh' the letters, figures and word 'Rs. 72.00 lakh' shall be substituted.