Exemption under section 35AC: approval of a company project permitting a capped capital expenditure deduction. The Central Government, on the National Committee's recommendation, approves Natco Pharma Limited as eligible for the targeted income-tax exemption for an identified road construction project, states the project's estimated cost and prescribes the maximum portion of that cost allowable as a deduction under the exemption provision; the approval is time-limited and remains in force for one year in relation to the specified assessment year.
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.
Exemption under section 35AC: approval of a company project permitting a capped capital expenditure deduction.
The Central Government, on the National Committee's recommendation, approves Natco Pharma Limited as eligible for the targeted income-tax exemption for an identified road construction project, states the project's estimated cost and prescribes the maximum portion of that cost allowable as a deduction under the exemption provision; the approval is time-limited and remains in force for one year in relation to the specified assessment year.
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