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Section 6 – Taxation Laws (Amendment) Act,2006

Taxation Laws (Amendment) Act,2006

Section 6. Amendment of Section 35-AC

In Section 35-AC of the Income Tax Act, after sub-section (2), the following Explanation shall be inserted with effect from the 1st day of April,2006, namely:-

“Explanation

The deduction, to which the assessee is entitled in respect of any sum paid to a public sector company or a local authority or to an association or institution for carrying out the eligible project or scheme referred to in this section applies, shall not be denied merely on the ground that subsequent to the payment of such sum by the assessee,-

(a) the approval granted to such association or institution has been withdrawn; or

(b) the notification notifying the eligible project or scheme carried out by the public sector company or local authority or association or institution has been withdrawn.

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Taxation Laws (Amendment) Act,2006

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