Exemption u/s 35AC - Central Government had specified for purchase of equipments and running of hospital projects at Visakhapatnam, Andhra Pradesh, by Sankar Foundation, Visakhapatnam, as an eligible project or scheme - 7 - Income Tax

Exemption u/s 35AC - Central Government had specified for purchase of equipments and running of hospital projects at Visakhapatnam , Andhra Pradesh, by Sankar Foundation, Visakhapatnam , as an eligible project or scheme NOTIFICATION NO. 7 DATED 10-1-2001 Whereas by notification of the Government of India in the Ministry of Finance number S.O. 549(E) dated 2nd July, 1998, [published at (1998) 147 CTR (St) 209], issued under 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 13, purchase of equipments and running of hospital projects at Visakhapatnam, Andhra Pradesh, by Sankar Foundation, Flat No. 38, D. No. 7-8-23-1(13), Maharaja Towers, Visakhapatnam---530003, as an eligible project or scheme for a period of three years beginning with assessment year 1999-2000; And whereas the said project or scheme is likely to extend beyond three 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 two 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 purchase of equipments and running of hospital projects at Visakhapatnam, Andhra Pradesh, which is being carried out by Sankar Foundation, Flat No. 38, D. No. 7-8-23-1(13), Maharaja Towers, Visakhapatnam---530003, at the estimated cost of one crore four lakhs fifty-one thousand only, as an eligible project or scheme for a further period of two assessment years commencing from assessment year 2002-2003. [F. No. NC-127-2000]