Approval of eligible projects or schemes under section 35AC

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Full Text of the Document

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....lia, 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 provides that no deduction under this section shall be allowed in resp....