NOTIFICATION NO. 42/2007, DATED 15-2-2007

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), Number S.O.839(E), dated the 22nd November, 1994, 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 12, for Running of Arpan Eye Bank at Ghatkopar(E), Bombay, by Arpan Trust, 2, Poonam, 160, R.B. Mehta Marg, Ghatkopar (E), Bombay-400077 as an eligible project or scheme for a period of three years beginning with assessment year 1995-96 which was extended further vide notification Number S.O.212(E), dated the 17th March, 1997 for a period of three years beginning with assessment year 1998-99 which was extended further vide notification number S.O.855(E), dated the 21st September, 2000 for a period of three years beginning with assessment year 2001-02 and which was extended further vide notification Number S.O.1254(E), dated the 30th October, 2003 for a period of three years beginning with assessment year 2004-05;

AND WHEREAS by notification Number S.O. 855(E), dated the 21st September, 2000 the estimated cost was enhanced from Rs. 4.56 lakh to Rs.7.5 lakh and vide notification Number S.O. 1254(E), dated the 30th October, 2003 the estimated cost was enhanced from Rs.  7.5 lakh to Rs. 13.50 lakh;

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 specifying the said project or scheme for a further period of three years and amending the project-cost from “Rs. 13.50 lakh” to “Rs. 27.00 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 35 AC of the Income-tax Act, 1961 (43 of 1961), hereby-

  1. specifies the scheme or project for Running of Arpan Eye Bank at Ghatkopar (E), Bombay, which is being carried out by Arpan Trust, 2, Poonam, 160, R.B. Mehta Marg, Ghatkopar (E), Bombay-400077 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 SO. 839(E), dated the 22nd November, 1994, to the following effect, namely :-

In the said notification, in the Table against serial number 12, 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. 13.50 lakh”, the letters, figures and word “Rs. 27.00 lakh” shall be substituted.

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

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