Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Purchase of equipments and running of hospital projects at Visakhapatnam, Andhra Pradesh, by Sankar Foundation - 246/2002 - Income Tax

Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Purchase of equipments and running of hospital projects at Visakhapatnam , Andhra Pradesh, by Sankar Foundation Notification No. 246 of 2002, dt 10th Sept, 2002 . Whereas by notification of the Government of India in the Ministry of Finance 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), Mahraja Towers, Visakhapatnam-530 003 as an eligible project or scheme for a period of three years beginning with the assessment year 1999-2000; which was extended further vide notification number S.O. 30(E) dated 10th January, for a period of two years beginning with assessment year 2002-2003; And whereas, the said project or scheme is likely to extend beyond five 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 this Income-tax Rules, 1962, for specifying the said project or scheme for a further amending the project cost from Rs. 104.51 lakhs to Rs. 364.55 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 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--530 003 as an eligible project or scheme; and (b) further amends the said notification number S.O. 549(E) dated the 2nd July, 1998, to the following effect, namely: In the said notification, in the Table against serial number 13, in column (4) relating to amount of estimated cost to be allowed, for the letters, figures and word "Rs. 104.51 lakhs", the letters, figures and word "Rs. 364.55 lakhs" shall be substituted. [F.No. NC-80/2002]