Exemption u/s 35AC - Central Government had notified, 'Running of Health Care and Education activities in Gujarat and Maharashtra' by Sundeep Foundation, Mumbai-, as an eligible project or scheme - Amendment in N. No. S.O. 422(E), dated the 19th May, 1998 - S.O. 2383(E) - Income Tax Act, 1961
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Exemption under section 35AC extended for Sundeep Foundation; approval excludes the already elapsed financial year and raises project cost. The Central Government re-notifies the project 'Running of Health Care and Education activities in Gujarat and Maharashtra' by Sundeep Foundation for three further years beginning with financial year 2007-08, but states that approval is not valid for funds collected in the already elapsed financial year and no exemption certificate will be issued for that year; it also increases the maximum sanctioned project cost from Rs. 70.00 lakh to Rs. 120.00 lakh pursuant to a recommendation under rule 11M(5).
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Provisions expressly mentioned in the judgment/order text.
Exemption under section 35AC extended for Sundeep Foundation; approval excludes the already elapsed financial year and raises project cost.
The Central Government re-notifies the project "Running of Health Care and Education activities in Gujarat and Maharashtra" by Sundeep Foundation for three further years beginning with financial year 2007-08, but states that approval is not valid for funds collected in the already elapsed financial year and no exemption certificate will be issued for that year; it also increases the maximum sanctioned project cost from Rs. 70.00 lakh to Rs. 120.00 lakh pursuant to a recommendation under rule 11M(5).
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