Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Running of hospital, purchase of equipments and welfare activities at Vadnagar, Mehsana District, Gujarat, by Karuna Setu Trust - 318/2002 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Running of hospital, purchase of equipments and welfare activities at Vadnagar, Mehsana District, Gujarat , by Karuna Setu Trust Notification No. 318 of 2002 Dated 24th Oct., 2002 S.O. 1120 (E) - Whereas by notification of the Government of India in the Ministry of Finance number S.O. 96(E) dated the 11th February, 1999, 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 5, for Running of hospital, purchase of equipments and welfare activities at Vadnagar, Mehsana District, Gujarat, by Karuna Setu Trust, Vadnagar-384355, Gujarat as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000 which was extended further vide notification number S.O. 29(E) dated 10th January, 2001 for period of three years beginning with assessment year 2002-2003; 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 and amending the project cost from ₹ 67.48 lakhs including a corpus fund of rupees thirty lakhs to ₹ 142.03 lakhs (including a corpus fund of ₹ 50. 00 lakhs); 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 of Running of hospital, purchase of equipments and welfare activities at Vadnagar, Mehsana District, Gujarat, which is being carried out by Karuna Setu Trust, Vadnagar-384355, Gujarat as an eligible project or scheme; and (b) further amends the said notification number S.O. 96(E) dated the 11th February, 1999, to the following effect, namely: In the said notification, in the Table against serial number 5 in column (4) relating to maximum amount of cost to be allowed, for the letters, figures and word Rs. 67.48 lakhs , the letters, figures and word Rs. 142.03 lakhs (including a corpus fund of ₹ 50.00 lakhs) shall be substituted. F.No.NC-90/2002]