Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Lions Club of Karnavati Foundation, Ahmedabad
Notification No. 133/2011[F.No.V-27015/5/2011-SO (NAT.COM)]/S.O. 2894(E), dated 27-12-2011
Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.497(E), dated the 26th May, 2000, 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 notified at serial number 7, “Expansion Project – purchase of equipments for increasing number of free eye surgeries and running of Hospital at Village – Ognaj, Ahmedabad, Gujarat” by Lions Club of Karnavati Foundation At & Post – Village Ognaj, Village Ognaj, District – Ahmedabad – 382 421, as an eligible project or scheme for a period of three years beginning with assessment year 2001-02, which was extended further vide notification number S.O.528(E), dated the 9th May, 2003 for a period of three years beginning with assessment year 2004-05, which was extended further vide notification number S.0.244(E), dated the 15th February, 2007 for a period of three years beginning with financial year 2006-07 and which was extended further vide notification number S.O. 848(E), dated 25th March, 2009 for a period of three years beginning with financial year 2009-10;
And whereas the said project or scheme is likely to extend beyond twelve 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 extending 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 notifies the scheme or project “Expansion Project -purchase of equipments for increasing number of free eye surgeries and running of Hospital at Village – Ognaj, Ahmedabad, Gujarat” being carried out by Lions Club of Karnavati Foundation, At & Post – Village Ognaj, Village Ognaj, District – Ahmedabad – 382 421, without any change in the approved cost of Rs.437.50 lakh including a corpus fund of Rs. 150.00 lakh, as an eligible project or scheme for a further period of three years beginning with financial year 2012-13, i.e., 2012-13, 2013-14 & 2014-15.
