Deduction 35AD

This discussion explores whether a Limited Liability Partnership (LLP) engaging in new infrastructure development can claim the deduction under Section 35AD of the Income Tax Act. The key point of contention is whether an LLP, registered under the LLP Act, is considered 'constituted under any Central or State Act' for the purposes of this deduction. The consensus suggests that LLPs may not qualify as they are regulated by a different act than those typically covered by the provision.