Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Construction, equipments and furnishing of TiruvarurLionsEyeHospital at Village Vandampalai, Nannilam Taluk, Naga Quide Millath District, Tamilnadu, by TiruvarurLions Eye Hospital - 312/2002 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Construction, equipments and furnishing of Tiruvarur Lions Eye Hospital at Village Vandampalai, Nannilam Taluk, Naga Quide Millath District, Tamilnadu, by Tiruvarur Lions Eye Hospital Notification No. 312 of 2002 Dated 24th Oct., 2002 Whereas by notification of the Government of India in the Ministry of Finance number S.O. 844(E) dated the 17th October, 1995, 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 3, for Construction, equipments and furnishing of Tiruvarur Lions Eye Hospital at Village Vandampalai, Nannilam Taluk, Naga Quide Millath District, Tamilnadu, by Tiruvarur Lions Eye Hospital, 59-South Tiruvarur-610002, Tamilnadu, as an eligible project or scheme for a period of two years beginning with assessment year 1996-97 which was extended vide notification number S.O. 920(E) dated 29th December, 1997 for a further period of three years beginning with assessment year 1998-99. And whereas, the said project or scheme is likely to extend beyond five years; And whereas the National Committee, being satisfied that the 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 Rs. 10.00 lakhs to Rs. 53.75 lakhs; Now, therefore, the Central Government, in exercise of the powers conferred by sub-s. (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 Construction, equipments and furnishing of Tiruvarur Lions Eye Hospital at Village Vaandampalai, Nannilam Taluk, Naga Quide Millath District, Tamilnadu which is being carried out by Tiruvarur Lions Eye Hospital, 59-South Tiruvarur-610002, Tamilnadu as an eligible project or scheme for a further period of three years beginning with assessment year 2001-2002; and (b) further amends the said notification under S.O. 844(E) dated the 17th October, 1995, to the following effect, namely: In the said notification, in the Table against serial number 3, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word "Rs. 10.00 lakhs", the letters, figures and word "Rs. 53.75 lakhs" shall be substituted. [F.No.NC-90/2002]