855(E) : Notification: 855(E) Date of Issue: 21/9/2000

Notification: 855(E) Date of Issue: 21/9/2000

Notification: 855(E)

Section(s) Referred: s. 35AC(1)(b) ,r. 11M(5)

Statute: INCOME TAX

Date of Issue: 21/9/2000

Whereas by notification of the Government of India in the Ministry of Finance Number S. O. 839(E), dated 22nd November, 1994, issued under 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 12, the running of Arpan Eye Bank at Ghatkopar(E), Bombay, by Arpan Trust, 2, Poonam, 160, R. B. Mehta Marg, Ghatkopar(E), Bombay-400 077, as an eligible project or scheme for a period of three years beginning with the assessment year 1995-96, which was extended further vide Notification No. 212(E), dated 17th March, 1997, for a period of three years beginning with the assessment year 1998-99 ;

And whereas the said project or scheme is likely to extend beyond six years ;

And whereas the National Committee, 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. 4.56 lakhs to Rs. 7.5 lakhs ;

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 of 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-400 077, as an eligible project or scheme for a further period of three years beginning with the assessment year 2001-2002 ; and

(b) further amends the said Notification No. S. O. 839(E), dated 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 35AC", for the letters, figures and word "Rs. 4.56 lakhs", the letters figures and word "Rs. 7.5 lakhs" shall be substituted.

[No. 11495/F.No. NC-73/2000]