Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for purchase of equipments/vehicles, furnishing and construction of building for Sri Sankara Deva Nethralya, Phase-I Expansion Project" by Sri Kanchi Sankara Health & Educational Foundation as an eligible project or scheme - 033/2007 [F.No.NC-274/03/2007] - Income Tax

Exemption u/s 35AC - of the ITA, 1961, the C.G. had specified for purchase of equipments/vehicles, furnishing and construction of building for Sri Sankara Deva Nethralya, Phase-I Expansion Project" by Sri Kanchi Sankara Health Educational Foundation as an eligible project or scheme NOTIFICATION NO. 33/2007 [F.No.NC-274/03/2007] New Delhi , dated the 23rd October, 2007 S.O. 1797(E).- Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.422(E) dated the 19th May, 1998, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had notified at serial number 11, " purchase of equipments/vehicles, furnishing and construction of building for Sri Sankara Deva Nethralya, Phase-I Expansion Project" by Sri Kanchi Sankara Health Educational Foundation, Sri Sankaradeva Nethralaya, Beltola, Basistha Road, PO Beltola, Guwahati 781028, 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.971(E) dated the 10th September, 2002 for a period of three years beginning with financial year 2002-2003 and which was extended further vide notification number S.O.711(E) dated 25th May, 2005 for a period of three years beginning with financial year 2004-2005; 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 extending the said project or scheme for a further period of three years and amending the project cost from Rs.2011 lakh to Rs.2606.88 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,- (a) hereby notifies the scheme or project "purchase of equipments/vehicles, furnishing and construction of building for Sri Sankara Deva Nethralya, Phase-I Expansion Project", being carried out by Sri Kanchi Sankara Health Educational Foundation, Sri Sankaradeva Nethralaya, Beltola, Basistha Road, PO Beltola, Guwahati 781028 for a period of three more years beginning with financial year 2007-2008; and (b) further amends the said notification number S.O. 422(E) dated the 19th May, 1998, to the following effect, namely:- In the said notification, in the Table against serial number 11, in column (4), relating to maximum cost of the project, for the letters, figures and word "Rs. 2011 lakh" the letters, figures and word "Rs.2606.88 lakh" shall be substituted. [No.33/ 2007/ F.No. NC-274/03/2007]