05/02/2019

Expenditure incurred by entities established under statutory Act [Sec. 36( 1)(xii)] ( Author - Admin )



Expenditure incurred by entities established under statutory Act [Sec. 36( 1)(xii)] :- 

Any  expenditure not being in  the nature of capital  expenditure incurred by a corporation or a body corporate by  whatever name called constituted estabhshed by a  Central, State or  Provincial Act  for the  objects and  Purposes  authorised by the Act under which such corporation or body corporate was constituted or established shall be allowed as a deduction from  the assessment year 2002-03 in computing the income under “Profits and gains of  business or profession". From the assessment year 2008-09, the above deduction shall be allowed  only if such corporation or body corporate is notified by the Central Government, having regard to the objects and purposes of the  corresponding  Central State or Provincial  Act.

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