Exemption u/s 35AC the C. G. had specified for Interior decoration and finishing of hospital building, purchase of medical equipments/instruments etc. by R.N.S. Trust as an eligible project or scheme - 298/2006 - Income Tax

Exemption u/s 35AC the C. G. had specified for Interior decoration and finishing of hospital building, purchase of medical equipments/instruments etc. by R.N.S. Trust as an eligible project or scheme NOTIFICATION No. 298/2006, dated 26-10-2006 Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 68(E), dated the 14th January, 2004, 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 7, for Interior decoration and finishing of hospital building, purchase of medical equipments/instruments etc. by R.N.S. Trust, Naveen Complex, No. 14-M.G. Road, Bangalore-560001 as an eligible project or scheme for a period of three years beginning with assessment year 2004-05; And whereas the said project or scheme is likely to extend beyond three 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; 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 for Interior decoration and finishing of hospital building, purchase of medical equipments/instruments etc. which is being carried out by R.N.S. Trust, Naveen Complex, No.14-M.G. Road, Bangalore-560001, without any change in the approved cost of Rs. 864.40 lakhs, as an eligible project or scheme for a further period of three years commencing from the financial year 2006-07. [F. No. NC-274/03/2006]