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of <h1>Govt Approves Bongaigaon Refinery for Welfare Projects in Assam u/s 35AC, Rs 55 Lakh Deduction Allowed.</h1> The Central Government, on the recommendation of the National Committee, has approved a company under section 35AC of the Income-tax Act, 1961. The approved company, Bongaigaon Refinery and Petrochemicals Limited, is involved in a welfare scheme that includes the development of schools, colleges, drinking water facilities, community health, and adult education in various districts of Assam. The estimated cost of the project is Rs. 55.00 lakhs, which is the maximum amount allowed as a deduction under section 35AC. This notification is effective for one year concerning the assessment year 1998-99.
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