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Section 7 - Amendment of section 15C - Finance Act, 1961Extract 7. Amendment of section 15C In section 15C of the Income-tax Act,- (a) in sub-section (1), after the word undertaking wherever it occurs, the words or hotel shall be inserted; (b) after sub-section (2), the following sub-section shall be inserted, namely:- (2A) This section applies to any hotel which- (a) starts functioning on or after the first day of April, 1961 and is not formed by the splitting up, or the reconstruction of, business already in existence or by the transfer to a new business of building, machinery or plant previously used in any other business; (b) is owned and run by a company registered in the taxable territories with a paid-up capital of not less than five hundred thousand rupees; (c) is run in premises which are owned by the company; (d) has such number and types of guest rooms and provides such amenities as may be prescribed, having regard to the population and the tourist importance of the place in which the hotel is located; and (e) is for the time being approved for the purposes of this sub-section by the Central Government. ; (c) in sub-sections (3) and (5), after the words industrial undertaking , the words or a hotel shall be inserted; (d) in sub-section (4),- (i) after the words industrial undertaking , the words or a hotel shall be inserted; (ii) the following Explanation shall be inserted, namely:- Explanation.-The amount of dividend in respect of which the tax is not payable under this sub-section shall be computed in accordance with such rules as may be made in this behalf by the Central Board of Revenue. ; (e) in sub-section (6), for the words shall apply , the words shall, in relation to an industrial undertaking, apply shall be substituted, (f) after sub-section (6), the following sub-section shall be inserted, namely:- (7) The provisions of this section shall, in relation to a hotel, apply to the assessment for the financial year next following the previous year in which the hotel starts functioning and for the four assessments immediately succeeding. .
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