Exemption u/s 35AC - Central Government had specified for construction, furnishing and running of South Block of Ashram Sarvana Old Age Home and Eye-cum-General Hospital at Ramanayyapeta Village by Association for the Care of the Aged as an eligible project or scheme - 125/2003- S.O. 534(E) - Income Tax

Exemption u/s 35AC - Central Government had specified for construction, furnishing and running of South Block of Ashram Sarvana Old Age Home and Eye-cum-General Hospital at Ramanayyapeta Village by Association for the Care of the Aged as an eligible project or scheme Notification No. 125 of 2003, dt. 9th May, 2003 S.O. 534(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 973(E) dated the 14th December, 1995, 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 9, for construction, furnishing and running of South Block of Ashram Sarvana Old Age Home and Eye-cum-General Hospital at Ramanayyapeta Village, Near Kakinada Town by Association for the Care of the Aged, House No. 8-14-1, Mahalakshmi Nilayam, Gandhi Nagar, Kakinada-4, as an eligible project or scheme for a period of three years beginning with assessment year 1996-1997 which was extended further vide notification number S.O. 427(E) dated 19th May, 1998 for a period of two years beginning with assessment year 1999-2000 and which was extended further vide notification number S.O. 631(E) dated 5th July, 2000 for a period of three years beginning with assessment year 2001-2002; And whereas the said project or scheme is likely to extend beyond eight 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 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 of construction, furnishing and running of South Block of Ashram Sarvana Old Age Home and Eye-cum-General Hospital at Ramanayyapeta Village, Near Kakinada Town which is being carried out by Association for the Care of the Aged, House No. 8-14-1, Mahalakshmi Nilayam, Gandhi Nagar, Kakinada-4 at the estimated cost of rupees nine lakhs seventy thousand only, as an eligible project or scheme for a further period of three years commencing from the assessment year 2004-2005. [F.No. NC-53/2003]