Exemption under section 35AC approves specified institutions' projects for tax-deduction eligibility with capped deductible costs. Approval under Section 35AC is granted for specified non-profit institutions and their listed projects, with each Table entry identifying the approved project or scheme, an estimated project cost and the maximum amount of that cost allowable as a deduction. The notification prescribes the assessment years during which each project qualifies for the deduction and notes that some amounts include corpus funds; it fixes eligibility, monetary ceilings and temporal limits for tax-deduction claims for the listed projects.
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 approves specified institutions' projects for tax-deduction eligibility with capped deductible costs.
Approval under Section 35AC is granted for specified non-profit institutions and their listed projects, with each Table entry identifying the approved project or scheme, an estimated project cost and the maximum amount of that cost allowable as a deduction. The notification prescribes the assessment years during which each project qualifies for the deduction and notes that some amounts include corpus funds; it fixes eligibility, monetary ceilings and temporal limits for tax-deduction claims for the listed projects.
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