Notified Corporation for the purpose of Section 36(1)(xii) - 108/2008 - Income Tax

Notified Corporation for the purpose of Section 36(1)(xii) Notification No. 108/2008 DATED 19-12-2008 In exercise of the powers conferred by clause ( xii ) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Hyderabad Urban Development Authority established under section 3 of the Andhra Pradesh Urban Areas (Development) Act, 1975, for the development of areas comprised in the Development Area concerned according to plan, subject to the following conditions, namely :— (i) the expenditure, claimed as deductible under the Income-tax Act, 1961, is incurred for the objects and purposes authorized by the Andhra Pradesh Urban Areas (Development) Act, 1975; (ii) such expenditure is not in the nature of capital expenditure; (iii) such expenditure is not eligible for deduction under any other provision of the Income-tax Act, 1961; and (iv) a separate account of the expenditure claimed under the said clause is maintained by Hyderabad Urban Development Authority. 2. This notification shall be applicable with effect from 1st day of April, 2008, that is, for the assessment year 2008-09 and subsequent assessment years. [F. No. 225/84/2008/ITA-II]