Deduction for project expenditure: notified agricultural extension and company skill development costs deductible in year incurred.

Expenditures (excluding cost of land or building) on an agricultural extension project by any assessee or on a skill development project by a company are deductible in the tax year incurred, provided the project is notified under Board guidelines; the same expenditure cannot be deducted under any other provision of the Act for the same or any other tax year.

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