SECTION 35AC, READ WITH EXPLANATION (b) THERETO, OF THE INCOME-TAX ACT, 1961 – ELIGIBLE PROJECTS OR SCHEMES, EXPENDITURE ON – NOTIFIED ELIGIBLE PROJECTS OR SCHEMES – LIONS CANCER DETECTION CENTRE TRUST, GUJARAT

NOTIFICATION NO. 23/2014 [F.NO.V.27015/1/2014-SO(NAT.COM)]/SO 1946(E), DATED 31-7-2014

Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1052(E) dated 11.05.2010 issued under clause (b) of the Explanation to Section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 13, “Lions Cancer Detection Centre- Surat Project for Linear Accelerator” by “Lions Cancer Detection Centre Trust Government Medical College Campus Majura Gate, Surat – 39500, Gujarat”, as an eligible project or scheme, at the estimated cost of Rs. 15.00 crore including a corpus fund of Rs. 3.25 crore, for a period of three years ending with financial year 2012-13, which was further extended vide notification number 3167(E) dated 17.10.2013 ending with financial year 2015-16;

And whereas the project cost is likely to enhance from Rs. 15.00 crore including a corpus fund of Rs. 3.25 crore to Rs. 29 crore including corpus fund of Rs. 10 crore;

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, enhancing the project cost from Rs.15.00 crore including a corpus fund of Rs. 3.25 crore to Rs. 29 crore including corpus fund of Rs.10 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), hereby amends the said notification number S.O. 1052(E) dated 11.05.2010, to the following effect, namely:—

‘In the said notification, in the Table against serial number (3), in column (4), relating to maximum amount of cost to be allowed as deduction under Section 35AC, for the letters, figures and words “Rs. 15.00 crore including a corpus fund of Rs. 3.25 crore”, the letters, figures and words “Rs. 29 crore including corpus fund of Rs. 10 crore”, shall be substituted’.