Deduction under section 35AC approved for Iqbal Mohamed Trust project; eligible cost cap and two-year validity. The Central Government, under the Explanation to section 35AC of the Income-tax Act and on National Committee recommendations, approves Iqbal Mohamed Trust for a Social Welfare and Environment Awareness Project (Light and Life Academy) and specifies eligible components (construction, equipment, books, furniture/fixtures, vehicles and running expenses), the estimated project cost and the maximum portion of that cost allowable as a deduction; the approval is time-limited to the two assessment years stated in the notification.
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.
Deduction under section 35AC approved for Iqbal Mohamed Trust project; eligible cost cap and two-year validity.
The Central Government, under the Explanation to section 35AC of the Income-tax Act and on National Committee recommendations, approves Iqbal Mohamed Trust for a Social Welfare and Environment Awareness Project (Light and Life Academy) and specifies eligible components (construction, equipment, books, furniture/fixtures, vehicles and running expenses), the estimated project cost and the maximum portion of that cost allowable as a deduction; the approval is time-limited to the two assessment years stated in the notification.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
