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of <h1>Mafatlal Industries' Rs. 120 lakh project approved for tax deduction under Section 35AC of Income-tax Act, 1961.</h1> The Central Government, based on recommendations from the National Committee, has approved Mafatlal Industries Limited's project under section 35AC of the Income-tax Act, 1961. This approval designates the construction of a building with furnishings and fixtures for a center at Nadiad as an eligible project. The estimated cost of the project is Rs. 120 lakhs, and the same amount is allowed as a deduction under section 35AC. This notification is effective for two years, covering the assessment years 1995-96 and 1996-97.
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