Exemption u/s 35AC - Central Govt. had specified for running of Arpan Eye Bank at Ghatkopar(E), Bombay, by Arpan Trust as an eligible project or scheme - Amendment in N. No S.O. 839(E) dated the 22nd November, 1994 - 266/2003- S.O.1254(E) - Income Tax

Exemption u/s 35AC - Central Govt. had specified for running of Arpan Eye Bank at Ghatkopar(E), Bombay, by Arpan Trust as an eligible project or scheme - Amendment in N. No S.O. 839(E) dated the 22nd November, 1994 Notification No : 266 Date of Issue : 30/10/2003 S.O.1254(E) - Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 839(E) dated the 22nd 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, for running of Arpan Eye Bank at Ghatkopar(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 1995-96, which was extended further vide notification number S.O. 212(E) dated 17th March, 1997 for a period of three years beginning with assessment year 1998-99 and which was further extended vide notification S.O. 855(E) dated 21st September, 2000 for a further period 9f three years in relation to assessment year 2001-2002; And, whereas the said project or scheme is likely to extend beyond nine years; And, whereas, the National Committee for the 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 enhancing the approved cost from ₹ 7.50 lakhs to ₹ 13.50 lakhs; 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),- (a) hereby specifies the scheme or project of the running of Arpan Eye Bank at Ghatkopar(E) , Bombay by Arpan Trust, 2, Poonam, 160, R.B. Mehta Marg Ghatkopar(E) , Bombay-400077 , as an eligible project or scheme for a further period of three years beginning with assessment year 2004- 2005; 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 ₹ 7.50 lakhs to ₹ 13.50 lakhs shall be substituted. [F.No. NC-224/2003]