Eligible project designation under income-tax extends tax-exempt benefits to a technical school project following committee recommendation. The Central Government specified the scheme of Shri Puroshotam Seva Trust for construction, equipping and running of a technical school at village Sola, Gujarat as an eligible project under the Explanation to section 35AC. Following a National Committee recommendation that the project is being properly executed, the specification was extended for a further three assessment years commencing with assessment year 1998-99, at an estimated cost of one hundred lakh, thereby maintaining its eligible project status for tax purposes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Eligible project designation under income-tax extends tax-exempt benefits to a technical school project following committee recommendation.
The Central Government specified the scheme of Shri Puroshotam Seva Trust for construction, equipping and running of a technical school at village Sola, Gujarat as an eligible project under the Explanation to section 35AC. Following a National Committee recommendation that the project is being properly executed, the specification was extended for a further three assessment years commencing with assessment year 1998-99, at an estimated cost of one hundred lakh, thereby maintaining its eligible project status for tax purposes.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
