Approval of eligible projects or schemes under section 35AC

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....ection 35AC reg. Section 35AC of the Income-tax Act, inter alia, provides for a deduction in computing the business income of an assessee of the amount paid by him to a public sector company or a local authority or to an association or institution approved by the National Committee for carrying out any eligible project or scheme. 2. Sub-section (7) of section 35AC of the Income-Tax Act provi....