Tax deduction eligibility under section 35AC: specified institutions and projects approved for limited assessment years. Central Government approval is accorded to specified institutions and their named projects under the Explanation to the income tax deduction provision, recording for each the eligible project or scheme, estimated cost and the maximum amount allowable as a deduction. The notification distinguishes corpus funds from other project costs and sets temporal limits: specified projects at serial numbers 1-2 are approved for one assessment year, while projects at serial numbers 3-15 are approved for a three year period, with deductible amounts tied to those assessment years.
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.
Tax deduction eligibility under section 35AC: specified institutions and projects approved for limited assessment years.
Central Government approval is accorded to specified institutions and their named projects under the Explanation to the income tax deduction provision, recording for each the eligible project or scheme, estimated cost and the maximum amount allowable as a deduction. The notification distinguishes corpus funds from other project costs and sets temporal limits: specified projects at serial numbers 1-2 are approved for one assessment year, while projects at serial numbers 3-15 are approved for a three year period, with deductible amounts tied to those assessment years.
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