Section 18 - Amendment of section 35AD. - Finance Act, 2016

Amendment of section 35AD. 18. In section 35AD of the Income-tax Act, with effect from the 1st day of April, 2018,- (a) sub-section (1A) shall be omitted; (b) in sub-section (2), after clause (iii), the following clause shall be inserted, namely:- (iv) where the business is of the nature referred to in sub-clause (xiv) of clause (c) of sub-section (8), such business,- (A) is owned by a company registered in India or by a consortium of such companies or by an authority or a board or corporation or any other body established or constituted under any Central or State Act; (B) entity referred to in sub-clause (A) has entered into an agreement with the Central Government or a State Government or a local authority or any other statutory body for developing or operating and maintaining or developing, operating and maintaining, a new infrastructure facility. ; (c) in sub-section (5),- (I) in clause (aj), the word and occurring at the end shall be omitted; (II) after clause (aj), the following clause shall be inserted, namely:- (ak) on or after the 1st day of April, 2017, where the specified business is in the nature of developing or operating and maintaining or developing, operating and maintaining, any infrastructure facility; and ; (d) in sub-section (8),- (I) after clause (b), the following clause shall be inserted, namely:- (ba) infrastructure facility means- (i) a road including toll road, a bridge or a rail system; (ii) a highway project including housing or other activities being an integral part of the highway project; (iii) a water supply project, water treatment system, irrigation project, sanitation and sewerage system or solid waste management system; (iv) a port, airport, inland waterway, inland port or navigational channel in the sea; ; (II) in clause (c), after sub-clause (xiii), the following sub-clause shall be inserted, namely:- (xiv) developing or maintaining and operating or developing, maintaining and operating a new infrastructure facility. .