Section 35CCB- Payment to Institutions for Carrying Programmes of Conserving Natural Resources
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As per sub-section (1) of the Section 35CCB, when an assessee incurs expenditure on or before 31st March 2002, by making a payment of any sum:-
(a) To an institution or an association whose object is to undertake any program for the conservation of natural resources or afforestation, to be used for carrying the program of conservation of natural resources or afforestation by the prescribed authority; or
(b) To such fund may be specified by the Central Government.
Suppose an assessee makes payment in any of the above. In that case, he shall be allowed a deduction of the amount equal to the expenditure incurred during the previous year, subject to subsection (2).
As per sub-section (2) of Section 35CCB, an assessee would not be allowed a deduction under clause (a) of sub-section (1) in respect of any payment made to an institution or any association unless the prescribed authority has approved such institution or association. The approval by the prescribed authority shall not be for more than 3 years at a time.
Sub-section (3) of Section 35CCB states that when an assessee has claimed and has been allowed a deduction under this Section for any assessment year with regards to an expenditure stated under sub-section (1), then deduction shall not be allowed any other provisions of this Act for the same or any other assessment year.