Withdrawal of approval triggers taxation as deemed income at maximum marginal rate in the year of withdrawal. If approval or notification for an eligible project or scheme is withdrawn, or a company's deduction on project expenditure is affected by such ... Summary
Withdrawal of approval triggers taxation as deemed income at maximum marginal rate in the year of withdrawal.
If approval or notification for an eligible project or scheme is withdrawn, or a company's deduction on project expenditure is affected by such withdrawal, the total payments received for which a certificate was furnished or the deduction claimed shall be deemed to be the income of the relevant entity for the previous year in which the withdrawal occurs and taxed at the maximum marginal rate for that year.
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