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Explanation to section 35AC of the Income-tax Act, 1961, the Central Government had specified for Digging of tube-wells for providing potable drinking water, repairing of schools in Keonjhar District of Orissa by Tata Sponge Iron Limited - 113/2007 - Income Tax Act, 1961
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Section 35AC eligible project designation extended and cost ceiling enhanced allowing continued tax deduction for specified community welfare scheme. The Central Government specifies that Tata Sponge Iron Limited's Keonjhar District programme of potable water provision, school repairs, agricultural promotion and medical facilities is an eligible project for a further three-year period and substitutes the previously prescribed maximum allowable project cost with an increased ceiling following the National Committee's recommendation.
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Provisions expressly mentioned in the judgment/order text.
Section 35AC eligible project designation extended and cost ceiling enhanced allowing continued tax deduction for specified community welfare scheme.
The Central Government specifies that Tata Sponge Iron Limited's Keonjhar District programme of potable water provision, school repairs, agricultural promotion and medical facilities is an eligible project for a further three-year period and substitutes the previously prescribed maximum allowable project cost with an increased ceiling following the National Committee's recommendation.
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