Exemption u/s 35AC - Central Government had specified for Purchase of equipments and running of hospital projects at Visakhapatnam, Andhra Pradesh by Sankar Foundation as an eligible project or scheme - 243/2005 - 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 as an eligible project or scheme NOTIFICATION NO. 243/2005, DATED 14-11-2005 S.O.1605(E). Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 549(E), dated the 2nd July, 1998, 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 13, for 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 which was extended further vide notification number S.O. 30(E), dated the 10th January, 2001 for a period of two years beginning with assessment year 2002-03 and which was extended further vide notification number S.O. 970(E), dated the 10th September, 2002 for a period of two years beginning with assessment year 2004-05; And whereas by notification number S.O. 970(E), dated 10th September, 2002, the estimated cost was amended from Rs. 104.51 lakhs to Rs. 364.55 lakhs; And whereas the said project or scheme is likely to extend beyond seven 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 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, without any change in the approved cost i.e. Rs. 364.55 lakhs, as an eligible project or scheme for a further period of three years commencing from the financial year 2005-06. [F.No. NC-270/269/2005]