Exemption u/s 35AC - Central Government had specified regarding construction of and running of hospital at MountAbu, District Sirohi, Rajasthan by Global Hospital and Research Centre as an eligible project or scheme - 229/2003 - Income Tax

Exemption u/s 35AC - Central Government had specified regarding construction of and running of hospital at MountAbu, District Sirohi, Rajasthan by Global Hospital and Research Centre as an eligible project or scheme Notification No. 229/2003 Dated 29 th September, 2003 S.O.1126(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.0.698(E) dated the 3 rd 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 8, for construction and running of hospital at Mount Abu, District Sirohi, Rajasthan by Global Hospital and Research Centre, 102, Om Shanti, 48, Swastik Society, N.S. Road, No.3, Ville Parle (W), Mumbai-400003, as an eligible project or scheme for a period of three years beginning with assessment year 1998-1999 and which was extended further vide notification number S.0.863(E) dated 21 st September, 2000 for a period of three years beginning wit h assessment year 2001-2002; And whereas the said project or scheme is likely to extend beyond six years; And whereas the National Committee, 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 of construction and running of hospital at Mount Abu, District Sirohi, Rajasthan which is being carried out by Global Hospital and Research Centre, 102, Om Shanti, 48, Swastik Society, N.S, Road, No.3, Ville Parle (W), Mumbai-400003, at the estimated cost of rupees sixty one lakhs twenty seven thousand plus a corpus fund of Rupees Five hundred lakhs only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2004-2005. Sd/- (A.J. Majumdar) Secretary (National Committee) F. No. NC-189/2003