Section 35AC, Read With Explanation (B) Thereto, Of The Income-Tax Act, 1961 – Eligible Projects Or Schemes, Expenditure On – Notified Eligible Projects Or Schemes – Venu Charitable Society, New Delhi

Notification No.87/2011[F.No.V-27015/3/2011-So(Nat.Com]/S.O.1866(E), Dated 11-8-2011

Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O.844(E), dated the 17th October 1995 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 specified at serial number 4 for Venu Eye Institute and Research Centre at Sheikh Sarai, New Delhi by Venu Charitable Society, C-40, South Extension, Part-II, New Delhi, as an eligible project or scheme for a period of three years beginning with assessment year 1996-1997 which was extended further vide Notification number S.O. 224(E), dated the 1st April 1999 for a period of three years beginning with assessment year 1999-2000 which was extended further vide Notification number S.O. 1048(E), dated the 18th October, 2001 for a period of three years beginning with assessment year 2002-2003; which was extended further vide Notification number S.O.709(E), dated the 25 May, 2005 for a period of three years beginning with financial year 2004-2005 and which was extended further vide Notification number S.O. 1164(E), dated the 16th July 2007 for a period of three years beginning with financial year 2007-08;

And whereas the said project or scheme is likely to extend beyond fifteen 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 for Venu Eye Institute and Research Centre at Sheikh Sarai, New Delhi, which is being carried out by Venu Charitable Society C-40, South Extension, Part-II, New Delhi, without any change in the approved cost of Rs. 1260 lakh, as an eligible project or scheme for a further period of three years commencing with financial year 2010-11 i.e., 2010-11, 2011-12 & 2012-13 with a direction that as the financial year 2010-11 has already lapsed, hence no certificate under section 35AC of Income-tax Act, 1961 shall be issued for the financial year 2010-11.

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