229 : Notification: S.O.229(E) Date of Issue: 17/3/1994

Notification: S.O.229(E) Date of Issue: 17/3/1994

Notification: S.O.229(E)

Section(s) Referred: 35AC ,35AC(1) ,35AC(1)(b)

Statute: INCOME TAX

Date of Issue: 17/3/1994

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), the Central Government, on the recommendations of the National Committee, hereby specifies the eligible projects and schemes and estimated cost thereof as mentioned in column (3) of the Table below to be undertaken by the company specifies in the corresponding entry in column (2) of the said table and also specifies in the corresponding entry in column (4) of the said Table, the maximum amount of such cost which may be allowed as deduction under the said section 35AC.

TABLE ------- Sl. Name of the Project or Scheme and Maximum No. institution estimated cost thereof amount of cost to be allowed as deduction under section 35AC ------- (1) (2) (3) (4) -------

1. Swagat Medical and Educa- Construction of Swagat Medical Rs. 62 lakhs tion Centre, C/o Tushar Agen- Centre at Parade Ground, near cies, Buta Ram Market, the Office of Olypmpic Associa- Jammu. tion, Jammu, likely to cost Rs. 62 lakhs. Note.-The project shall con- tinue to be an eligible project subject to the conditions that the company shall, --- (a) charge 40 per cent. to 45 per cent of the existing market rates for different clinical tests for a period of three years ; (b) provide free diagnosis for three years to 25 per cent. of the total patients with a family income not exceeding Rs. 12,000 per annum ; and (c) allow a rebate of 20 per cent. on the cost of medical treatment for three years to 25 per cent. of the total patients having family income between Rs. 12,000 to Rs. 18,000 per annum.

2. Jindal Aluminium Limited, Construction of sub-way No. 4 Rs. 20 lakhs Registered Office and Works, across the National Highway Jindal Nagar, Tumkur Road, No. 4 (Bangalore-Tumkur Road) Bangalore-560 073 at 16th k.m. stone likely to cost Rs. 20 lakhs. -------

2. This notification shall remain in force for a period of one year in relation to the assessment year 1994-95 in respect of project at serial number 2 and for a period of two years in relation to the assessment years 1994-95 and 1995-96 in respect of project at serial number 1.

[No. 9504/F. No. NC-18/94