Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Notified eligible projects or schemes - Amendment in Notifica­tion No. S.O. 466(E), dated 29-3-2007

 

Notification No. 36/2010 [f.no. v-27015/1/2010-so (nat.com)]/S.O. 1137(E), dated 17-5-2010

 

Whereas by notification of the Government of India in the Minis­try of Finance (Department of Revenue), number S.O. 466(E), dated 29th March, 2007, 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 20, for B.T. Savani Kidney Hospital, by Saurashtra Kidney Research Institute, B.T. Savani Kidney Hospital, Near University Gate, University Road, Rajkot - 360005, Gujarat, as an eligible project or scheme for a period of three years beginning with financial year 2007-08;

And whereas the said project or scheme is likely to extend beyond three 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. 2.96 crore to Rs. 3.91 crore;

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),—

  (a)  hereby specifies the scheme or project for B.T. Savani Kidney Hospital is being carried out by Saurashtra Kidney Re­search Institute, B.T. Savani Kidney Hospital, Near University Gate, University, Road, Rajkot - 360005, Gujarat as an eligible project or scheme for a further period of three years commencing from the financial year 2010-11 i.e., 2010-11, 2011-12 and 2012-13;

  (b)  further amends the said notification number S.O. 466(E), dated the 29th March, 2007, to the following effect, namely :—

In the said notification, in the Table against serial number 20, in column (4), relating to maximum amount of cost to be allowed as deduction under section 35AC, for the letters, figures and word “Rs. 2.96 crore”, the letters, figures and word “Rs. 3.91 crore” shall be substituted.