Section 47 — Expenditure on agricultural extension project and skill development project

(1) Any expenditure (excluding cost of any land or building) incurred, on--

(a) agricultural extension project by any assessee; or

(b) any skill development project by a company, shall be allowed as a deduction, in the tax year in which such expenditure is incurred provided such project is notified by the Board as per the guidelines issued by it.

(2) If a deduction under this section is claimed and allowed for any tax year in respect of any expenditure referred to in sub-section (1), deduction shall not be allowed for such expenditure under any other provision of this Act for the same or any other tax year.