NOTIFICATION NO. 40/2007, DATED 15-2-2007

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), Number S.O.698(E), dated the 3rd October, 1997, issued under sub-section (1) read with clause (b) of the Explanation to section 35 AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial Number 8, for Construction and running of hospital at Mount Abu, District Sirohi, Rajasthan, by Global Hospital & Research Centre, 102, Om Shanti, 48, Swastik Society, N.S. Road No.3, Vile Parle (W), Mumbai-400003 as an eligible project or scheme for a period of three years beginning with assessment year 1998-99 which was extended further vide notification Number S.O.863(E), dated the 21st September, for a period of three years beginning with assessment year 2001-02 and which was extended further vide notification Number S.O.I 126(E), dated the 29th September, 2003 for a period of three years beginning with assessment year 2004-05;

AND WHEREAS the said project or scheme is likely to extend beyond nine 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 specifying the said project or scheme for a further period of three years and enhancing the project cost from Rs. 61.27 lakhs plus a corpus fund of Rs. 500.00 lakhs to Rs. 1361.27 lakhs including a corpus fund of Rs.500.00 lakhs;

NOW, THEREFORE, the Central Government, in exercise of the powers conferred by sub­section (1) read with clause (b) of the Explanation to section 35 AC of the Income-tax Act, 1961 (43 of 1961), hereby –

  1. specifies the scheme or project for Construction and running of hospital at Mount Abvu, District Sirohi, Rajasthan, which is being carried out by Global Hospital & Research Centre, 102, Om Shanti, 48, Swastik Society, N.S. Road No. 3, Vile Parle (W), Mumbai-400003 as an eligible project or scheme for a further period of three years commencing from the financial year 2006-07; and

  2. further amends the said notification Number S.O.698(E), dated the 3rd October, 1997, to the following effect, namely :-

In the said notification, in the Table against serial Number 8, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35 AC, for the letters, figures and word “Rs.61.27 lakhs plus a corpus fund of Rs. 500.00 lakhs”, the letters, figures and words “Rs. 1361.27 lakhs including a corpus fund of Rs. 500.00 lakhs” shall be substituted.

[F. No. NC-274/04/2006]

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