Exemption u/s 35AC - specified at serial number 12, "Running of Arpan Eye Bank at Ghatkoper (E), Bombay", by Arpan Trust, 2, Poonam, 160, R.B. Mehta Marg, Ghatkopar (E), Bombay as an eligible project or scheme - 90/2009 - Income Tax

Exemption u/s 35AC - specified at serial number 12, "Running of Arpan Eye Bank at Ghatkoper (E), Bombay ", by Arpan Trust, 2, Poonam, 160, R.B. Mehta Marg, Ghatkopar (E), Bombay as an eligible project or scheme NOTIFICATION New Delhi , the 6th August, 2009 S.O. 2052(E).- Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.839(E) dated the 22 November, 1994, 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 12, "Running of Arpan Eye Bank at Ghatkoper(E), Bombay", by Arpan Trust, 2, Poonam, 160, R.B. Mehta Marg, Ghatkopar (E), Bombay-400077 as an eligible project or scheme for a period of three years beginning with assessment year 1995-1996, which was extended further vide notification number S.O.212(E) dated the l7th March, 1997 for a period of three years beginning with assessment year 1998-99, which was extended further vide notification number S.O.855(E) dated the 21st September 2000 for a period of three years beginning with assessment year 2001-2002, which was extended further vide notification number S.O.1254(E) dated the 30th October, 2003 for a period of three years beginning with assessment year 2004-2005 and which was extended further vide notification number S.O.243(E) dated the 15th February, 2007 for a period of three years beginning with financial year 2006-2007; And whereas by notification number S.O.855(E) dated St 21st September, 2000 the estimated cost was enhanced from Rs.4.56 lakh to Rs.7.5 lakh, vide notification number S.O.1254(E) dated the 30th October, 2003 the estimated cost was enhanced from Rs.7.5 lakh to Rs.13.50 lakh and which was further enhanced vide notification number S.O.467(E) dated the 29 March, 2007 from Rs.13.50 lakhs to Rs.27.00 lakh; And whereas the said project or scheme is likely to extend beyond fifteen 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 specifying the said project or scheme for a further period of three years and amending the project cost from Rs. 27.00 lakh to Rs. 54.00 lakh; 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 - (a) specifies the scheme or project "Running of Arpan Eye Bank at Ghatkoper (E), Bombay", which is being carried out by Arpan Trust, 2, Poonam, 160, R.B. Mehta Marg, Ghatkoper (E), Bombay-400077 as an eligible project or scheme for a further period of three years beginning with financial year 2009-2010 i.e. 2009-2010, 2010-2011 2011-2012; and (b) further amends the said notification number S.O.839(E) dated the 22nd November, 1994, to the following effect, namely:- In the said notification, in the Table against serial number 12, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC , for the letters, figures and word "Rs. 27.00 lakh", the letters figures and word "Rs. 54.00 lakh" shall be substituted. [No. 90/2009/F. No. 274/12/2009-NC] NAVEEN CHANDRA, Director (National Committee)