Original value of investment in plant and machinery defined by ICAI Accounting Standards on Fixed Assets, clarifying excise treatment.
Insertion of Explanation II into Notification No. 39/2001-CE clarifies that the "original value of investment in plant and machinery installed in the factory" means the original value as determined in accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India on Accounting for Fixed Assets, thereby specifying the valuation methodology to be applied under the notification.

Original value determination of plant and machinery clarified as per Accounting Standards for notification amendment.
The amendment clarifies that the original value of the investment in the plant and machinery installed in the factory of the independent textile processor shall be the original value as determined in accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India on Accounting for Fixed Assets.

Exemption under section 35AC extended for an educational infrastructure project, continuing eligibility for tax deduction benefits.
The Central Government specifies the construction project by Shree Bharat Saraswati Mandir Sansad at Shardagram-construction of Arts and Commerce College, Rural Science and Pharmacy College, Industrial Training Institute and Hostel-as an eligible project or scheme under the Explanation to section 35AC for a further period of three years commencing with the assessment year 2002-2003, following the National Committee's recommendation under rule 11M(5) of the Income-tax Rules, 1962, and noting the estimated project cost.

Tax exemption for educational infrastructure extended as a specified eligible project, continuing eligibility after committee recommendation.
The Central Government specifies the construction, furnishing and establishment of a Women's Degree College and Girl's Hostel at Borli, Panchatan, Raigad by Royal Education Society as an eligible project under section 35AC for income-tax exemption, following a National Committee recommendation that the project is being properly executed, and extends that eligibility for a further three-year period commencing with the assessment year 2001-2002.

Exemption under Income tax Act extended for specified nature care hospital project, eligible for a further three year period.
The Central Government, on the National Committee's recommendation that the project is being properly executed, specifies the purchase of equipment, furnishing, construction and development of an 80 bedded nature care hospital by Mahatama Prakriti Chikilsa Kendram as an eligible project for exemption under the Income tax Act for a further period of three years commencing from the assessment year 2002 2003; the notification records the scope to include capital works and an estimated project cost.

Exemption under section 35AC: eligible school project for mentally retarded children extended as specified for a further period.
Central Government designates the project of running a school for mentally retarded children at Sabarkantha, North Gujarat and Dungarpur District of Rajasthan by Sabarkantha Charitable Trust as an eligible project under section 35AC, and, following the National Committee's recommendation under rule 11M of the Income-tax Rules, specifies the scheme for a further three-year period commencing with the assessment year 2002-2003 at the stated estimated cost.

Exemption under section 35AC extended for Mata Gujari Old Age Home; government increases the project cost ceiling.
Central Government specifies the running expenses for Mata Gujari Old Age Home cum orphanage by Nishkam Sikh Welfare Council as an eligible project under the Explanation to section 35AC for a further three assessment years beginning with assessment year 2001 2002, and amends the earlier notification by substituting the previously notified maximum project cost with a higher project cost figure in the notification table.

Section 35AC exemption extended for hospital project; specification period prolonged and project cost revised by Indian Medical Centre
The Central Government specifies the construction, furnishing and equipping of a 100-bed hospital at Perumalpuram by Indian Medical Centre as an eligible project under the Explanation to section 35AC for a further three years beginning with the assessment year 2002-2003, and amends the earlier notification to increase the maximum authorised project cost per the National Committee's recommendation.

Amendment to Section 35AC notification splits Community Ophthalmology Centre project into Phase I (rented setup) and Phase II (relocation).
The notification amends the project description for Dr. Nihar Munshi Eye Foundation under the powers conferred by sub section (1) read with clause (b) of the Explanation to Section 35AC, substituting a single description with a two phase specification: Phase I-setting up a Community Ophthalmology Centre in rented premises and purchasing equipment and instruments at Calcutta; Phase II-shifting the complete Centre to a new premises to be purchased, constructed, or acquired for the project.

Exemption under section 35AC: specification extension permits contributions to qualify for tax deduction on the medical rehabilitation project.
Central Government specifies the construction, furnishing and equipment of Mangalam Medical Rehabilitation and Research Centre by Mangalam Mangalam Sadan, Lucknow, as an eligible project for exemption under the Explanation to section 35AC, following a National Committee recommendation under rule 11M(5); the specification extends the project for a further three-year period commencing from the assessment year 2002-2003.

Project specification under tax exemption extended to continue eligible charitable support for cancer patient care.
The Central Government re specifies the scheme of providing free food and anti cancer drugs to poor cancer patients in general wards of the Cancer Institute (WIA) Trust, Chennai, as an eligible project for tax exempt donations; the National Committee recommended continued specification after finding proper execution, and the Government, exercising statutory powers under the tax framework and implementing rules, extends the eligible period for a further three years commencing with the assessment year 2002 2003, with an estimated corpus fund.

Exemption under section 35AC extended for specified charitable construction projects by government notification commencing assessment year 2002-2003.
Central Government specified and extended under Section 35AC the eligibility of Krishnamurti Foundation India's construction of a rural primary school and a gynaecology ward in Sanjeevan Hospital as eligible projects, following a National Committee recommendation under rule 11M(5); the specification was extended for a further three years commencing with the assessment year 2002-2003, enabling continued application of the exemption mechanism to qualifying expenditures on those projects.

Tax exemption under Section 35AC extended for Nootan Bharti project as eligible scheme for a further period.
Central Government specifies the Nootan Bharti project at Madan-Garh as an eligible scheme for income-tax exemption under Section 35AC, covering Gram Vidyapeeth, a rural technical institution, primary health care and welfare activities, hostels for lady and backward class students, and publication and website work. The specification follows prior notifications and the National Committee's recommendation, and extends eligibility for a further three-year period commencing from the assessment year stated in the notification, at the estimated project cost indicated.

Exemption under section 35AC extended for specified charitable projects after National Committee recommendation and compliance review.
Central Government designates continued tax exemption under the Explanation to section 35AC for specified charitable projects carried out by Social Action for Manpower Creation (SAMPARC) in Pune and surrounding areas-comprising a community hall-cum-training centre, child educational support programme, Wandre hostel, women's training programme, and extension for Bhaje School-on the National Committee's recommendation and authorises their eligibility for a further three-year period commencing from the assessment year 2002-2003.

Exemption under section 35AC extended for a hospital maintenance scheme, keeping donations eligible for tax relief.
Central Government specifies the maintenance scheme for P.H. Bhagwati Sarbajanik Hospital by Jasalpur Arogya Mandal as an eligible project or scheme for purposes of the Explanation to section 35AC of the Income-tax Act, extending specification for a further three years commencing from the assessment year 2002-2003 after the National Committee recommended continued specification on satisfaction of proper execution.

Tax exemption under section 35AC extended for specified sports infrastructure project, preserving eligibility for notified tax benefits.
The Central Government, under section 35AC, specifies the construction and operation of a swimming pool complex with boarding and lodging, a modern gymnasium and an academy by Basavanagudi Aquatic Centre, Bangalore, as an eligible project or scheme and extends that specification for a further three years commencing with the assessment year 2002-2003 following the National Committee's recommendation, noting the estimated project cost.

Section 35AC eligibility extended for rural eye hospital scheme; tax-exempt donations permitted for a further period.
The Central Government specifies the scheme of running the Vizhiagam Rural Eye Hospital at Salaigramam by Helen Keller Service Society for the Blind as an eligible project under section 35AC for a further period commencing with the assessment year 2001-2002, following the National Committee's recommendation that the project is being executed properly and is likely to extend beyond the initial three-year period.

Deduction under section 35AC adjusted to increase the allowable project cost for a specified charitable institution via notification.
Amendment revises the table entry for the specified charitable society under section 35AC, substituting the prior maximum allowable project cost with a higher maximum amount as the ceiling for deduction while retaining the referenced corpus fund component in the notification.

Exemption under section 35AC: education scholarship scheme specified eligible for extended period, preserving donor tax relief.
The Central Government specifies the education scholarship and grant scheme in Gujarat and Maharashtra as an eligible project under Section 35AC for a further three-year period beginning with the assessment year 2002-2003, following a National Committee recommendation under rule 11M(5) that the project is being properly executed; the notification records an estimated corpus fund for the project and continues its qualification for tax-exempt donations under the statutory provision.

Tax exemption for charitable girls' home and allied facilities extended for three years under section 35AC designation.
Central Government specified the project of construction, furnishing, provision of equipment and running of a girls' home, primary school, vocational training centre and health clinic at Kora Chandigarh, Madyamgram, Hridayapur by Pranab Kanya Sangha as an eligible project for tax exemption under the Income tax Act, and on the National Committee's recommendation extended the project's eligible status for a further three years commencing with the assessment year 2002 2003.