SECTION 35AC, READ WITH EXPLANATION (b) THERETO OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – KACHERIA MOJILAL GORDHANDAS GENERAL HOSPITAL TRUST, GUJARAT
NOTIFICATION NO. 115/2012 [F.NO. V- 27015/4/2012-SO(NAT.COM)]/S.O. 644(E), DATED 12-3-2013
Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 737(E) dated 13th March, 2009, issued under 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 16, K.M.G General Hospital by Kacheria Mojilal Gordhandas General Hospital Trust, Near Saliawadi Darwaja, Balasinor, District Kheda, Gujarat -388255, as an eligible project or scheme for a period of three years beginning with financial year 2009-10;
And whereas by Notification number S.O. 882(E) dated 27th April, 2011, the estimated cost was enhanced from Rs. 1.55 crore including a corpus fund of Rs.1.00 crore to Rs. 2.32 crore including a corpus fund of Rs. 2 crore;
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 further period of three years and enhancing the project cost from Rs. 2.32 crore to Rs. 4.82 crore i.e. an additional amount of Rs. 2.5 crore as corpus fund;
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 for K.M.G General Hospital, which is being carried out by Kacheria Mojilal Gordhandas General Hospital Trust, Near Saliawadi Darwaja, Balasinor, District Kheda, Gujarat- 388255, as an eligible project or scheme for a further period of three years commencing with financial year 2012-13 i.e. 2012-13, 2013-14 and 2014-15;
(b) further amends the said notification number S.O. 737(E) dated the 13th March, 2009, to the following effect, namely :-
“In the said notification, in the Table against serial number 16, in column (4) relating to maximum amount of cost to be allowed as deduction under section 35AC of Income Tax Act, 1961, for the letters, figures and words ‘Rs. 2.32 crore including a corpus fund of Rs. 2 crore’, the letters, figures and words ‘Rs. 4.82 crore i.e. an additional amount of Rs. 2.5 crore as corpus fund’ shall be substituted.”
