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of <h1>CBDT Approves Mumbai Company's Safflower Project for Tax Deduction Under Section 35CCC, Ensuring No Direct Benefits to Beneficiaries</h1> The notification from the Central Board of Direct Taxes approves an agricultural extension project by a company in Mumbai under Section 35CCC of the Income Tax Act, 1961. The project aims to enhance safflower crop yields and cultivation areas. Expenses for fiscal years 2015-16, 2016-17, and 2017-18 are outlined, with no charges to beneficiaries. The company must maintain separate audited accounts, and deductions are subject to specific conditions, including not receiving direct or indirect benefits. The project must remain genuine, with adherence to conditions, or approval may be revoked. The company must report annually to relevant authorities and provide beneficiary data to the Ministry of Agriculture.
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