U/s. 35AC, IT ACT, 1961 - Eligible Projects Or Schemes, Expenditure On – Navsari Cancer Care Foundation, Navsari - 121/2013 - Income Tax

NOTIFICATION NO. 121/2013 DATED 27-12-2013 S.O. 3872(E) - WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 466(E) dated 29th March, 2007, 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 26, Navsari Cancer Care Foundation oncology wing by Navsari Cancer Care Foundation, 5th Floor, Aditya Complex, Near Fuwara Telephone Exchange, Navsari -396445 , as an eligible project or scheme for a period of three years beginning with financial year 2007-08; which was further extended vide notification number S.O. 2359(E) dated 29.09.2010 for a period of three years ending with financial year 2012-13. AND WHEREAS vide notification number S.O. 2359(E) dated 29.09.2010 , the project cost was enhanced from ₹ 4.00 crore to ₹ 18.72 crore including corpus fund of ₹ 10 crore. AND WHEREAS the said project or scheme is likely to extend beyond six 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 extending the said project or scheme for a further period of three years and also enhancement in the project cost; 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 Navsari Cancer Care Foundation oncology wing , which is being carried out by Navsari Cancer Care Foundation, 5th Floor, Aditya Complex, Near Fuwara Telephone Exchange, Navsari -396445 , as an eligible project or scheme for a further period of three financial years commencing with 2013-14 i.e. 2013-14, 2014-15 and 2015-16; (b) further amends the said notification number S.O. 466(E) dated the 29th March, 2007 (read with notification number S.O. 2359(E) dated 29.09.2010) , to the following effect, namely :- In the said notification, in the Table against serial number 2, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and words Rs.18.72 crore including corpus fund of ₹ 10 crore , the letters, figures and words Rs.25.42 crore including a corpus fund of ₹ 14 crore shall be substituted. [F.NO.27015/3/2013-SO (NAT.COM)]