SECTION 35AC, READ WITH EXPLANATION (b) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – PRASHANTI MEDICAL SERVICES & RESEARCH FOUNDATION, GUJARAT

NOTIFICATION NO. 12/2014 [F.NO.V.27015/1/2014-SO(NAT.COM)]/SO 1935(E), DATED 31-7-2014

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O 193(E) dated 14.3.1996 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 6 “Land development, construction, equipment, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot” by “Prashanti Medical Services & Research Foundation, 205, Trade Centre, 2nd Floor, Sardanagar Main Road, Rajkot-360001 (Gujarat)”, as an eligible project or scheme, at the estimated cost of Rs.1589.16 lakh for a period of three years ending with financial year 1998-99, which was further extended vide notification number S.O. 325(E) dated 11.5.1999 for a period of three years ending with assessment year 2002-03, which was further extended vide notification number S.O. 354(E) dated 31.3.2003 for a period of three years ending with assessment year 2005-06, which was further extended vide notification number S.O. 498(E) dated 4.04.2006 for a period of three financial years 2005-06, 2006-07 & 2007-08, which was further extended vide notification number 764(E) dated 18.03.2009 three years commencing from financial year 2008-09 i.e., 2008-09, 2009-10 and 2010-1 and which was further extended vide notification number S.O. 2889 (E) dated 27.12.2011 for a period of three years ending with financial year 2013-14.

And whereas the said project or scheme is likely to extend beyond 18 years;

And whereas the project cost is likely to enhance from Rs.1589.16 lakh to Rs.3400.00 lakh;

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 specifying the said project or scheme for a further period of three years and also enhancing the project cost from Rs. 889.16 lakh plus a corpus fund of Rs. 700 lakh to Rs. 3400.00 lakh including a corpus fund of Rs.700 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 (43 of 1961), hereby; (i) notifies the scheme or project “Land development, construction, equipment, furnishing and running of Sri Sathya Sai Heart Hospital at Rajkot” which is being carried out by “Prashanti Medical Services & Research Foundation, 205, Trade Centre, 2nd Floor, Sardanagar Main Road, Rajkot-360001 (Gujarat)”, for a further period of three years commencing with financial year 2014-15, i.e., 2014-15, 2015-16 and 2016-17; and (ii) amends the said notification number S.O. 193(E) dated 14.3.1996, to the following effect, namely:-

‘In the said notification, in the Table against serial number (3), in column (4), relating to maximum amount of cost to be allowed as deduction under Section 35 AC, for the letters, figures and words “Rs. 889.16 lakh plus a corpus fund of Rs. 700 lakh”, the letters, figures and words “Rs. 3400.00 lakh including corpus fund of Rs. 700 lakh” shall be substituted’.

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